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AEC_305_Exam_II_Review

AEC_305_Exam_II_Review - AEC 305 Exam II Review(November 5...

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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?
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