From 1950 to 2015 the number of people who lived on farms fell from 23 million to fewer than 3 million? Which of the following factors have contributed to this trend?
A) government policies that have increased the cost of living and working on farms
B) increases in the cost of farming and a desire for young adults to move to urban areas
C) rapid growth in farm production and low income and price elasticities for food products
D) slow growth in agricultural productivity and low income elasticities for food products
C
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Which one of the following is a cash-assistance program used to fight poverty in the United States?
a. Medicaid b. food stamps c. home energy assistance d. Head Start e. Temporary Assistance to Needy Families
When a firm sets its price on the basis of the price being charged by other firms in the market, there is evidence that the firm has market power.
Answer the following statement true (T) or false (F)
What is the difference between total cost and variable cost in the long run?
What will be an ideal response?
If a monopolistically competitive firm breaks even, the firm
A) is earning an accounting profit and will have to pay taxes on that profit. B) is earning zero accounting and zero economic profit. C) should advertise its product to stimulate demand. D) should expand production.