Intro to AgEcon Exam 3

Niki Barnes
Quiz by Niki Barnes, updated more than 1 year ago
Niki Barnes
Created by Niki Barnes over 2 years ago
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Description

Chapters 6-9

Resource summary

Question 1

Question
A perfectly competitive business is a _________ , or it accepts the price of the product it receives in the product market or it pays in the input as given.
Answer
  • Monopsony
  • Price Taker
  • Interdependent

Question 2

Question
If the following conditions hold, an input or product market structure is considered perfectly competitive.
Answer
  • Homogeneous product, barriers for entry or exit, a large number of sellers, perfect information
  • Not homogeneous, no barriers for entry or exit, a large number of sellers, imperfect information
  • Homogeneous product, no barriers for entry or exit, a large number of sellers, perfect information
  • Homogeneous product, no barriers for entry or exit, a few sellers, perfect information

Question 3

Question
Classification of inputs
Answer
  • Land, Labor, Capital, and management
  • Renewable resources, Labor, Capital, business expansion
  • Non renewable resources, Labor, Durable equipment, Management

Question 4

Question
Classification of firms
Answer
  • Perfect Competition
  • Monopolistic Competition
  • Oligopoly
  • Monopoly
  • All of the Above

Question 5

Question
A production function characterizes the physical relationship between what?
Answer
  • The level of inputs and the use of output
  • The use of inputs and the level of output

Question 6

Question
When we graph the output and input relationship we come up with ________?
Answer
  • A market supply curve
  • A market demand curve
  • A total physical product curve
  • A total product demand curve

Question 7

Question
A market supply curve for a particular product generally has a positive slope.
Answer
  • True
  • False

Question 8

Question
The market supply curve for a particular product is based on the decisions of ________ and ____________ made by individual businesses in an industry
Answer
  • What and how much to produce
  • Where and what to produce
  • Why and how to produce

Question 9

Question
Legislative act that prohibited monopolies and other restrictive business practices
Answer
  • Federal Trade Commission Act
  • Clayton Act
  • Agricultural Bargaining Associations
  • Sherman Antitrust Act
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