The demand for most farm products is relatively inelastic. A drought that reduces the supply of farm products will also cause farm revenues to fall

All of the following were important structural changes in American capitalism during the period 1960–95 except

(a) New technology in the form of automated (machine-guided) production processes (b) A capital-labor accord which allowed workers to share in productivity gains through wage increases, particularly during the 1950s and 1960s (c) An increase in self-sufficiency as the nation reduced its economic interdependence with other nations (d) A large and central role for government in directing the post-war economy

The monopolistic competitive firm in short-run equilibrium may experience economic profits that are

A) always zero. B) greater than, equal to, or less than zero. C) always positive. D) always negative.