The distinction between productivity levels and productivity growth rates is theoretical, and has no practical application

For a syrup producer in central Vermont, profit is maximized at the level of output for which total

A) revenue exceeds total cost by the largest amount. B) revenue exceeds total cost by the smallest amount. C) revenue is maximized. D) cost is minimized. E) revenue equals total cost.

An agricultural price support

A) will create a surplus in the relevant market, assuming the price support is above equilibrium price. B) will create a shortage in the relevant market, assuming the price support is above equilibrium price. C) is an example of a price floor. D) will lead to greater total revenue for farmers if demand (for the product) farmers sell is inelastic between the equilibrium price and the price support (and assuming the price support is above equilibrium price). E) a, c, and d