As a result of advances in productivity, farmers can produce more at a lower cost. The effect of these changes has been to:
A. increase the demand for farm output.
B. increase profits for farmers as a group.
C. reduce total revenue for farmers as a group.
D. increase total revenue for farmers as a group.
Answer: C
Economics
You might also like to view...
If a firm is successful in its efforts to reduce the price elasticity of demand for its product, all else constant, the optimal markup that can be used in setting price will increase
Indicate whether the statement is true or false
Economics
In general, it is fair to say that Americans are provided with
A. a greater amount of product differentiation than people in most other countries. B. less amount of product differentiation than people in most other countries. C. about the same amount of product differentiation as people in other countries.
Economics