AEC_305_Exam_II_Review

AEC_305_Exam_II_Review - AEC 305 Exam II Review (November...

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AEC 305 Exam II Review (November 5, 2004 – Seay Auditorium (11:45-12:50) Chapter 5: Supply Concepts ± Be able to distinguish between a movement along a supply curve and a shift in the supply curve? What factors shift the farm-level supply curve? ± Be able to calculate and interpret a price elasticity of supply? ± What factors affect the price elasticity of supply? Chapter 6: Models of Market Behavior ± Understand the difference between primary and derived demand. What is the difference between derived and primary supply? Be sure to know what shifts each of the curves? ± Define a marketing margin? ± Be able to show the marketing margin graphically Chapter 7: Alternative Market Structures ± Identify the classification criteria for distinguishing alternative market structures ± Be sure to understand the differences in classification criteria for various market structures. ± How do the supply and demand curves facing individual firms vary in the perfect competition models vs imperfect competition models? ± What is the difference between an oligopolist and an oligopsonist?
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This note was uploaded on 02/07/2011 for the course AEC 305 taught by Professor Staff during the Fall '08 term at Kentucky.

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