1. The graph below depicts the situation for a monopsonist.
AGEC 105
TESTING YOUR EQ
EQ#11 NOVEMBER 9, 2011
The graph below depicts the situation for a monopsonist.
(1.5 pts) (a) A, B, and C correspond to what curves? A=MIC Curve B=Supply Curve
C=MVP or MRP Curve (Demand Curve for the Input)
(1 pt) (b) For the monopsonist, how much of the input should be used assuming profit maximization and how much should be paid for the corresponding input? Q=1000 P=$2

2. EQ 11 Continued
2. The agency charged with the responsibility of investigating business organizations and practices is the _FTC or Federal Trade Commission_________ 3. The _Capper-Volstead_____ Act of 1922 was the principal legislation exempting cooperatives from anti-trust laws. 4. True or False. Federal marketing orders were created in 1937 by way of the Agricultural Marketing Agreement Act. Each of these questions is worth 0.5 pts.