Professor SchulerEconomics 101Spring 2006Quiz 2Wednesday, April 12, 2006InstructionsPlease answerall fourparts of the question, at 25 points for each part, and a total of 100points. This exam is closed book/closed notes and no calculators, computers, Blackberries,cell phones, etc. are allowed. Please write the names of the persons sitting to your rightand left on the corresponding corner of the exam book and also sign your acknowledgmentand acceptance of the Academic Code of Conduct. Also, please write your TA’s name onthe outside of your exam booklet.Make sure to describe any assumptions you make and explain why you’ve made them. Ifyou get stuck on a question, draw a picture or explain how you are trying to analyze thequestion. Think before you write.QuestionAlthough we think of agriculture as a highly competitive industry because of the many smallfarmers, in fact in the U.S. the food business is dominated by several very large processorsand suppliers of the finished products that consumers purchase in the stores.
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