Which of the following was a component of the Freedom to Farm Act of 1996?
a. withholding of farm acreage from production
b. shifting the food supply curve to the left
c. fixed cash payments to farmers from 1996 to 2002
d. rewarding participating farmers by giving them some crops to sell
e. reducing the cash amounts paid out as deficiency payments
C
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What is the equation for the demand (which is also MR) faced by the individual farmer?
In the competitive market for organic corn, market demand is QD = 340 – 2P and market supply is QS= 100 + 4P, where P is the price per bushel, and Q is market output in thousands of bushels. Each individual farmer faces a marginal cost function of MC = 10 + 3q, where q is the single farmer’s output level in thousands.
Figure 10-1
?
If the profit-maximizing firm depicted in Figure 10-1 is perfectly competitive, how much output should it produce?
A. A B. B C. C D. D
The manager of the sales department (a profit center) at Harvey's HVAC, decides to outsource any sales training that the division needs since in house training is expensive, even though the outsourced training does not cover the company's repair and warranty information from the service department. Does the Sales department have enough incentive to make a good decision?
a. Yes, because them making the right decision would increase the division profit b. No, because them making the right decision does not affect the division profit c. No, because them making the right decision decreases the division profit d. Yes, because them making the right decision increases the company's total profits
Bonds are a safer form of investment because
a. full bond payments are made before stockholders receive any dividends b. they are guaranteed by the government c. they are guaranteed by the investment industry d. a stockholder's personal assets can be used to pay the bondholder's interest e. bondholders can elect the board of directors