For each of the following explain the degree of market power the seller has, and whether the market power is due to limited competitors, product differentiation, or both. a. The Toyota Corolla, the bestselling passenger vehicle in the world in 2017
b. Heartland Mills, a grower of wheat in Wichita County, Kansas
c. Archer Daniels Midland (ADM), the largest producer of Lysine, a standardized amino acid used by farmers as a feed additive. ADM competes with a few large corporations in Europe and Japan
d. McDonald’s, the most popular fast food restaurant in the United States

What is a sort of auction for stocks in which traders verbally submit their offers?

1. all other things equal, according to the law of demand, when the price of a good falls, the demand for the good falls the demand for the good rises the quantity demanded of the good falls the quantity demanded of the good rises 2. when a market is in equilibrium, the quantity of the good that buyers are willing and able to buy exactly equals the quantity that sellers are willing and able to sell cannot be determined is less than the quantity that sellers are willing and able to sell is greater than the quantity that sellers are willing and able to sell 3. which of the following factors does not influence the demand for a good or service? consumer (buyer) income the price of related goods the number of sellers buyer expectations 4. when the number of sellers in a market increases, demand rises supply rises the price rises, all else equal the number of buyers falls

20. to add body to a hearty broth, you may use a. onions. b. pasta. c. cheese. d. water.