Over time, technological change has:
A. reduced both the price elasticity and income elasticity of the demand for farm products.
B. reduced the minimum efficient scale of production in agriculture and increased the prices of
farm products.
C. increased both price elasticity and income elasticity of the demand for farm products.
D. increased the minimum efficient scale of production in agriculture and reduced the prices of
farm products.
Answer: D
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Even though it often does not result in profit maximization, some small firms use a cost-plus pricing strategy anyway because
A) they sell several products, each of which sells for a different price. The time and expense involved in finding the profit-maximizing price for each product are not worth the effort. B) they do not understand what marginal revenue and marginal cost mean. C) it is easy to use. D) it is expensive to hire an economist who can determine what the profit-maximizing price is.
Under the gold standard, because all currencies had values fixed in units of gold
A) exchange rates were essentially fixed. B) exchange rates were essentially floating. C) exchange rates were set to a crawling peg. D) none of the above