Advances in productivity per acre can harm farmers by
a. reducing the uses for their farm goods
b. increasing the price of farm goods, thereby reducing incomes
c. increasing supply, thereby reducing farm prices and incomes
d. increasing the demand for their goods so that consumers are priced out of the market
e. decreasing the number of acres cultivated per farm
C
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When making a rational decision which requires the consideration of costs and benefits involved, the opportunity cost of a decision is often not taken into consideration when indeed it should be
a. True b. False Indicate whether the statement is true or false
The large-number-of-sellers condition of perfect competition is met whenÂ
A. there are more sellers than buyers in the market. B. there are more than 50 firms in the industry. C. there are more than 100 firms in the industry. D. each firm is so small relative to the total market that no single firm can influence the market price.