Recent research by Olmstead and Rhode (2002) emphasizes the importance of _________________in explaining increased agricultural productivity in the late 19th and early 20th centuries
a. "learning by doing"
b. the movement from family farms to corporate farms
c. better access to banks and financial capital
d. biological and chemical innovations
d. biological and chemical innovations
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Economists proclaim that competitive firms make zero economic profit in the long run. This shows how
A) detached economists are from the real world. B) unrealistic economic theory is. C) firms cover all their cost, both monetary and non-monetary. D) firms cover only monetary cost when economic profits are zero.
Refer to the accompanying figure. If the market for doughnuts is perfectly competitive, and the price of a doughnut is 25 cents, then this firm should:
A. produce 90 doughnuts. B. shut down. C. produce 50 doughnuts. D. produce 80 doughnuts.