The basic reason why farm prices have declined has been that _________________________.
Fill in the blank(s) with the appropriate word(s).
supply has exceeded demand
You might also like to view...
A supply shock that reduces total factor productivity directly affects which term in the production function Y = AF(K, N)?
A) A B) F C) K D) N
Explain why GDP per capita varies among countries even though countries eventually converge to their balanced growth paths
What will be an ideal response?
If the natural rate of unemployment is 10% and 6% of employed workers become unemployed each period, then
a) the natural rate is declining b) 4% of the unemployed remain unemployed each period c) the labor force is expanding at a rate of 16% d) the outflow from unemployment occurs at a rate of 54% e) 60% of the unemployed find employment each period
Marginal cost:
A. equals both average variable cost and average total cost at their respective minimums. B. is the difference between total cost and total variable cost. C. rises for a time, but then begins to decline when diminishing returns set in. D. declines continuously as output increases.