Farm Business Management- Economic Principles

A cost that is incurred when an actual monetary payment is made is a(n) _______ cost.

The dynamic process of searching for the equilibrium or market - clearing prices is called _______.

Price movement across months within the year is _______ variability.

The relationship between quantity supplied and price is known as ______.

The points where Marginal Costs = Marginal Revenue is _______.

An unrecoverable cost that should be disregarded in any current or future decision is also callen a(n) ________ cost.

Which of the following statements is false?

Economic profit is the difference between total revenue and ________.

The two most important driving factors that influence the market price are ______.

A farmer who is willing to pay a set dollar amount to establish floor or base price to be received would do what?

What is the Law of Supply?

The ______ is King in the market place.

Which of the following describes this situation: Quantity taken will increase only if the price comes down?

Why do you want to know how markets cycle?

A line that connects all high points as markets move higher forms a trend line. When projected out, it forms points of

Price movements over time occur because of _______.

Elements of the past agriculture government programs have tried to reduce the influence that the program would have on..

The middlemen in the marketing system operate on ________.

The price where demand and supply intersect is known as ______.

The point on a production function graph where marginal costs equal marginal revenue is where ______.

Selling through a farmers' market or roadside market is known as _____.

"Entrepreneurship" is ______.

What is stage II of the Production Function?

Which of the following is NOT one of the categories of resources?

Any time a consumer will take more only at lower prices is called ______.

Average fixed cost _______.

What can an agriculture producer determine from the Production Function?

The primary purpose of the production function is to determine _______.

What does the Production Function indicate for an agricultural producer?

The cost of resources used in a production for which no actual monetary payment is made is a(n) _______ cost.

At 200 units of output, total cost is 36k & the total variable cost is 20k. What is total fixed cost equal at 200 units

What does stage two in production function graph determine?

The demand for a product at the farm level is a(n) ________.

Five months ago Wilson opened up a health club. Which of the following is an implicit cost related to the health club?

Suppose that the supply curve shifts right. What is the most likely effect on price and quantity?

If the industry level supply curve shifts right, what results is most likely?

When a market has huge swings on a daily basis, it is described as ______.

If a firm earns a normal profit, then it has generated revenues _______.

It is impossible to be competitive in the complex commodity marketplace without _______.

A fixed input is an input whose quantity ________.

The relationship between quantity purchased and price is known as _______.

What does marginal cost measure?

An agriculture producer learns what from the production function?

On the production function graph the MC=MR, what does this tell producer?

Utility means satisfaction; products have what type of utility?