AGEC 333 Quiz Answers Ch. 1 - 5 Latest Update 2025
False - Answers T/F: Storage, Transportation, & Financing are facilitating functions
False - Answers T/F: Farmers' micro marketing programs are typically much stronger than the
procurement programs of their buyers
True - Answers T/F: The macro view of marketing is a comprehensive view of nearly all that
occurs to a farm commodity between the farm gate and final consumer
False - Answers T/F: The exchange functions of marketing are selling and transportation
All of the above - Answers Which of the items listed below refer to key questions the field of
(agricultural) economics seeks to answer?
What is produced?
How is it produced?
Who gets what is produced?
Price - Answers A change in what causes a change in quantity demanded?
Marginal revenue = Marginal costs - Answers As a profit maximizer in the dry edible bean
cleaning & bagging industry, I will continue to clean & bag edible beans until:
Opportunity costs - Answers Economic profit is different from accounting profit because
economic study takes into account
Imports - Answers A change in which of the items below causes a change in supply?
True - Answers T/F: One of the important elements of market structure is the degree (if any) of
product differentiation
False - Answers T/F: The power to be a price maker guarantees the power to make economic
profits
True - Answers T/F: Perfect competition involves many buyers and sellers of a homogeneous
commodity
False - Answers T/F: In terms of the market models covered in chapter 2, the fast food
restaurant industry most closely resembles perfect competition
False - Answers T/F: Micro marketing is more complex for the manager of a firm in perfect
competition rather than in oligopolistic competition
None of the Above - Answers Which of the following is a sure way to tell the difference between
oligopoly and monopolistic competition (MLC)?
, A. If there is product differentiation, it has to be an MLC
B. If there is only one firm, it has to be an MLC
C. If it's a mirror image of monopoly, it has to be an MLC
D. If the prices are competitive, it has to be an MLC
E. None of the above
A larger quantity is demanded at a lower price than at a higher price, all other things held
constant - Answers The law of downward sloping demand states which of the following?
A. Food spending changes in the opposite direction as income changes
B. When demand rises, supply falls
C. Quantity response to price is elastic
D. A larger quantity is demanded at a lower price than at a higher price, all other things held
constant
E. None of the above
All of the above - Answers Which of the following is true?
A. The average revenue curve of a firm is the same as its sales curve
B. The power to be a price maker does NOT guarantee profits
C. Perfect competition involves many buyers and many sellers of a homogeneous commodity
D. All of the above
E. None of the above
He or she resembles a soybean grower - Answers Which of the following is true about a price
taker?
A. He or she resembles a soybean grower
B. He or she resembles General Motors
C. He or she occasionally engages in price wars
D. He or she sells a differentiated product
E. He or she resembles a fast food restaurant chain
They are more elastic when there is time for entry (or exit) - Answers Which of the following is
False - Answers T/F: Storage, Transportation, & Financing are facilitating functions
False - Answers T/F: Farmers' micro marketing programs are typically much stronger than the
procurement programs of their buyers
True - Answers T/F: The macro view of marketing is a comprehensive view of nearly all that
occurs to a farm commodity between the farm gate and final consumer
False - Answers T/F: The exchange functions of marketing are selling and transportation
All of the above - Answers Which of the items listed below refer to key questions the field of
(agricultural) economics seeks to answer?
What is produced?
How is it produced?
Who gets what is produced?
Price - Answers A change in what causes a change in quantity demanded?
Marginal revenue = Marginal costs - Answers As a profit maximizer in the dry edible bean
cleaning & bagging industry, I will continue to clean & bag edible beans until:
Opportunity costs - Answers Economic profit is different from accounting profit because
economic study takes into account
Imports - Answers A change in which of the items below causes a change in supply?
True - Answers T/F: One of the important elements of market structure is the degree (if any) of
product differentiation
False - Answers T/F: The power to be a price maker guarantees the power to make economic
profits
True - Answers T/F: Perfect competition involves many buyers and sellers of a homogeneous
commodity
False - Answers T/F: In terms of the market models covered in chapter 2, the fast food
restaurant industry most closely resembles perfect competition
False - Answers T/F: Micro marketing is more complex for the manager of a firm in perfect
competition rather than in oligopolistic competition
None of the Above - Answers Which of the following is a sure way to tell the difference between
oligopoly and monopolistic competition (MLC)?
, A. If there is product differentiation, it has to be an MLC
B. If there is only one firm, it has to be an MLC
C. If it's a mirror image of monopoly, it has to be an MLC
D. If the prices are competitive, it has to be an MLC
E. None of the above
A larger quantity is demanded at a lower price than at a higher price, all other things held
constant - Answers The law of downward sloping demand states which of the following?
A. Food spending changes in the opposite direction as income changes
B. When demand rises, supply falls
C. Quantity response to price is elastic
D. A larger quantity is demanded at a lower price than at a higher price, all other things held
constant
E. None of the above
All of the above - Answers Which of the following is true?
A. The average revenue curve of a firm is the same as its sales curve
B. The power to be a price maker does NOT guarantee profits
C. Perfect competition involves many buyers and many sellers of a homogeneous commodity
D. All of the above
E. None of the above
He or she resembles a soybean grower - Answers Which of the following is true about a price
taker?
A. He or she resembles a soybean grower
B. He or she resembles General Motors
C. He or she occasionally engages in price wars
D. He or she sells a differentiated product
E. He or she resembles a fast food restaurant chain
They are more elastic when there is time for entry (or exit) - Answers Which of the following is
