Busy. Please wait.
Log in with Clever
or
show password
Forgot Password?
Don't have an account?  Sign up 
Sign up using Clever
or
Username is available taken
show password

Your email address is only used to allow you to reset your password. See our Privacy Policy and Terms of Service.

Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.

Ag Econ Test

Enter the letter for the matching Answer
incorrect
1.
Diseconomies of Scale
incorrect
2.
Economic Profit
incorrect
3.
Technological Change
incorrect
4.
Average Cost (AC)
incorrect
5.
Short-run market supply curve
incorrect
6.
Marginal cost curve
incorrect
7.
Product Transformation Curve
incorrect
8.
Marginal Revenue
incorrect
9.
Average Variable Cost (AVC)
incorrect
10.
Short run supply curve
incorrect
11.
Long Run Competitive Equilibrium
incorrect
12.
Short run profit
incorrect
13.
Difference between q and TVC
incorrect
14.
Difference between MP and MC
incorrect
15.
difference between AP and AVC
incorrect
16.
Average Fixed Cost (AFC)
incorrect
17.
Implications of perfectly competitive markets
incorrect
18.
Cost Minimizing Input Choices
A.
Costs are minimized when the marginal product of the last dollar spent on labor is equal to the marginal product of the last dollar spend on capital
B.
the summation of the supply curve of the individual firms
C.
Firms will earn zero economic profit in the LR. Consumers consider only price when choosing which firm to buy from. Any firm that rises price above market will lose all sales. Firms can freely enter and exit industries.`
D.
Change in revenue resulting from a one-unit increase in output
E.
long run average cost is rising
F.
MP: extra output produced by one more unit of an input. MC: is the cost of that extra unit of output
G.
fixed cost divided by level of output
H.
In competitive, profits are zero in the long run
I.
represented by the portion of the short run marginal cost curve that lies above minimum AVC
J.
for a price taking firm, if p>SATC, firm is earning profit.
K.
AP: output divided by units of capital (workers) AVC: variable cost divided by level of output
L.
downward shift
M.
1)production function 2)Isoquant 3)Product Transformation Curve 4)Total Cost Curve 5) Average Cost Curve 6)Marginal Cost Curve
N.
q: production function. Output on y axis and labor on x axis. Upward arch. TVC: total variable cost. $ on y axis, output on x axis. U curve.
O.
Firm's total costs divided by level of output (aka Average Total Cost)
P.
upward shift
Q.
Variable cost divided by the level of output
R.
All firms are maximizing profit. No firm incentive for enter and exiting. QS = QD
Type the Answer that corresponds to the displayed Question.
incorrect
19.
Average cost curve
incorrect
20.
Production Function
incorrect
21.
Total Cost Curve
Type the Question that corresponds to the displayed Answer.
incorrect
22.
Shows the least cost input bundles for each level of output when all inputs can varied
incorrect
23.
inward shift; output held constant
incorrect
24.
If p>AVC, then a portion of fixed costs are covered. If p<AVC, firm should shutdown.
incorrect
25.
shows the extent to which hours of labor needed/unit of output fall as the cumulative output increases
incorrect
26.
combines all factor combinations which give the same output (capital on y-axis, labor on x-axis, first half of U graph)
incorrect
27.
Increase in cost resulting from the production of one extra unit of output.
incorrect
28.
Exist when long run average cost is declining

edit
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how
Created by: 1185570108
Popular Agriculture sets