Idaho farmers can sell as large a quantity of their potato crop as they wish,
A. if they set their own price in the short run, but in the long run, the market sets the price.
B. provided each is willing to accept the prevailing market price.
C. if they set their own price in the long run, but in the short run, the market sets the price.
D. provided quality is perceptible and determines the market price.
Answer:B
Idaho farmers can sell as large a quantity of their potato crop as they wish,
A. if they set their own price in the short run, but in the long run, the market sets the price. B. provided each is willing to accept the prevailing market price. C. if they set their own price in the long run, but in the short run, the market sets the price. D. provided quality is perceptible and determines the market price.
Explanation: 18. In the ________, the perfectly competitive firm will react to profits by __________________________ .