Questions and Answers
When are diminishing marginal returns to a factor of production most likely to occur?
One factor is increased and all others are fixed
What is the increase in total cost associated with a one-unit increase in production?
Marginal cost
What is the opportunity cost of an investment in new farm equipment associated with?
The income that could have been obtained by using the investment expenditure in its next most profitable activity
Which of the following is a variable cost?
Signup and view all the answers
What type of income is the money received from the sale of raised cull beef cows?
Signup and view all the answers
What is the purpose of liability insurance?
Signup and view all the answers
What type of business would distribute patronage refunds?
Signup and view all the answers
Which type of expenses would not be accounted for on an income statement?
Signup and view all the answers
What does an outward shift of the supply curve for peanuts NOT cause?
Signup and view all the answers
When using options, what is the futures price you want to fix?
Signup and view all the answers
