In the last three decades of the 19th century, the long-run supply track of farm prices
(a) indicates a decline in farm prices due to a slowly increasing demand and a more rapidly increasing supply.
(b) indicates a decline in farm prices due to a slowly increasing supply and a more rapidly increasing demand.
(c) indicates an increase in farm prices due to a slowly increasing supply and a more rapidly increasing demand.
(d) indicates relatively constant prices due to the fact that supply and demand were both increasing
at about the same rate.
(a)
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Over the past couple of years, prices for personal computers have fallen dramatically, but suppliers have offered more and more of them for sale. Does this refute the law of supply? Explain
Which of the following will not cause the demand for product K to change?
A. A change in the price of close-substitute product J. B. An increase in incomes of buyers of product K. C. A change in the price of product K. D. A change in consumer tastes for product K.