When a price ceiling is imposed at a level below the equilibrium price, this creates a shortage.
Answer: TRUE
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Business Management
- A farmer or rancher has certain duties toward people that are on their land. The people that are on the farmers or rancher's land can be divided into three groups. Which one of the following is not one of the three groups?
- ___ is the buying and selling of commodity futures to protect a grower or producer from extreme price fluctuations in the marketplace at the time the product is sold.
- A person appointed in a will or by the court system to carry out requests and dispose of all property in accordance with the deceased is a:
- When demand and supply are equal, price is said to be at
- Failure to comply with the terms of a contract is known as:
- Cooperatives are best characterized by the fact that
- Dana's cow gets out and is found by Chris. Chris has several options, which one is NOT true?
- Most states have laws that govern boundary fences. In some states the fencing regulations are left largely to local government. Although, laws vary and are subject to change, which one usually prevails?
- Dane has a herd of Angus cows. One rainy night a driver runs into the fence and then drives away leaving the fence broken. One of the Angus cows wanders out on the road. Another car driven by Christy hits the cow. The cow dies and Christy=s car is damaged. Who is responsible?
- A riparian is someone who:
- A contains the financial history of your business transaction for a given time period.
- The formula for measuring price elasticity is:
- Gail and her fellow producers often base their price expectations on past price levels. If prices are higher in one year, then they probably will increase production the next. Then the supply will increase and prices will fall. If there is an increase in demand the prices will:
- A cash lease is good for livestock grazing because it is simple, and reduces the chance of controversy. Frank uses a cash lease when he leases grazing land. He and the landowner set a fixed price per acre when they make their deal. This is the most common type of cash lease. The landlord may prefer the cash lease because:
- By using distant banks buyers have the use of your money interest free while checks are in transit. What is this called?
- Of the following which is not an example of a tangible function?
- Liquidity is best defined as:
- A(n) is a marketplace where there are many businesses producing the same product. A single buyer or seller can=t influence the price structure. No producer is so large as to control or perceptively affect market supply or demand.
- Ray owns a greenhouse in North Georgia. Two hundred yards away from Ray's greenhouse is a chicken house owned and operated by Marc. On a cold stormy night, part of the roof of the chicken house blew off into the side of the greenhouse and broke a good portion of the glass. This damage allowed the cold temperature to kill all of the Easter Lilies Ray was growing for the Easter holiday. In this case is Marc responsible for the anything?
- In a production function, levels of production are divided into:
- You have been showing hogs for several years. An example of a variable cost in your established show hog project is
- A poultry producer is producing 100,000 broilers a year, but after determining he was in stage I of production he decided he needed to. This would allow him to maximize his profit.
- Out of the following, which one usually has a low capital turnover ratio and low profitability?
- The ability to pay debts as they come due is called:
- Assets are items that have a market value. They are separated into three categories which are , ,and .