Why are agricultural prices subject to greater fluctuations than those of manufactured products?
Answer to relevant QuestionsCompare the relative benefits of subsidies and high minimum prices (as under the CAP) to(a) The consumer; (b) The farmer.Explain why the price of a good is no reflection of the total value that consumers put on it.Why might it make sense for a firm which cannot sell its output at a profit to continue in production for the time being? For how long should the firm continue to produce at a loss?Give three examples of oligopolistic industries. In what ways do the firms in each of these industries compete? Why do they choose to compete in the way that they do?Why is it difficult to test the assumption that firms seek to maximizelong-run profits?
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