Question

1. (Table: Soybean Cost) Look at the table Soybean Cost. The costs of production of a perfectly competitive soybean farmer are given in the table. What is the shut-down price for this firm?

a) $11 b) $10 c) $12 d) $13
3. De Beers became a monopoly by: a) establishing control over diamond mines. b) technological superiority. c) ownership of a patent. d) economies of scale.

Answer 1

The correct answer for the question that is being presented above is this one: "a) $11." The costs of production of a perfectly competitive soybean farmer are given in the table. The shut-down price for this firm is $11.

The correct answer for the question that is being presented above is this one: "a) establishing control over diamond mines." De Beers became a monopoly by establishing control over diamond mines