Which of the following best describes the main problem faced by farms in the long run?
A. Lagging technology has decreased the productivity of farmers and therefore resulted in low
farm prices and incomes.
B. The highly inelastic nature of agricultural demand has caused small year-to-year
fluctuations in farm output to result in highly unstable farm incomes.
C. The supply of farm products has increased relative to the demand for them, and, because
demand is inelastic, farm prices and incomes have therefore declined.
D. The demand for farm products has increased relative to their supply, but the highly elastic
nature of agricultural demand has caused these shifts to result in declining farm incomes.
Answer: C
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a. tasters and preferences b. household income c. the state of technology d. prices of related goods
Julie's demand curve for video downloads is downward sloping because as the price of a download decreases, ________ and she watches ________ videos
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Which of the following $5,000 face-value securities has the highest yield to maturity?
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Suppose a firm's hourly marginal product of labor is given by MPN = A (200 - N)
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