Question

most agricultural firms are _______________ meaning they accept the price of the product as given with little influence on the price. price takers profit takers price makers revenue suppliers question 9 the summation of all the firm supply curves is known as what? the consumer surplus the producer surplus the market supply curve the firm supply curve

Explanation:

• For the first question:
• In economics, a price - taker is a firm that has no control over the market price and must accept the prevailing price. Agricultural firms often operate in a highly competitive market with many sellers, so they are price - takers.
• “Profit Takers” is not a standard economic term in this context.
• A price - maker has the ability to influence the market price (e.g., a monopoly), which is not the case for most agricultural firms.
• “Revenue Suppliers” is not a relevant economic term for this description.
• For the second question:
• The market supply curve is the horizontal summation of all individual firm supply curves. It shows the total quantity of a good or service that all firms in the market are willing and able to supply at each price level.
• Consumer surplus is the difference between what consumers are willing to pay and what they actually pay.
• Producer surplus is the difference between the price at which producers are willing to sell and the actual price they receive.
• The firm supply curve is for an individual firm, not the summation of all firms.

Answer:

• First question: Price Takers
• Second question: The Market Supply Curve