When the price of tomatoes is $4, farmers supply 100,000 bushels. When price is $6, farmers supply 100,000 bushels. From this, we conclude that the
A) equilibrium price of tomatoes is $5
B) market-day supply curve is vertical at a quantity of 100,000
C) farmers are producing too many tomatoes
D) supply curve for tomatoes is upward sloping
E) market demand for tomatoes must be 100,000
Correct Answer:
Verified
Q102: Demand curves are downward sloping, reflecting the
Q103: Suppose there are 100 people with identical
Q104: A vertical supply curve for fish represents
Q105: A supply schedule shows the specific quantities
Q106: Tasha is undecided about whether to sell
Q108: Which of the following is true if
Q109: The primary difference between a market-day supply
Q110: Frank owns Frank's Shoes. During a particular
Q111: The time interval in which suppliers can
Q112: Which of the following is not a
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents