Which of the following statements about agriculture in the U.S. is correct?
a. From the 1950s to today, agricultural output has approximately doubled.
b. Because technological improvements increase the supply of a product for which demand is inelastic, an individual farmer would be better off not adopting the new technology.
c. Increasing the supply of agricultural products typically benefits consumers but harms farmers.
d. Technological improvements typically increase both supply and revenue for individual farmers.
c
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Refer to the above figure. A farmer has 50 acres of land on which to grow wheat or beans. An acre of land yields 400 bushels of beans or 800 bushels of wheat. Which of the following is a possible combination of beans and wheat that can be grown, assuming the land is farmed efficiently?
A. 20,000 bushels of beans and 40,000 bushels of wheat B. 5,000 bushels of beans and 5,000 bushels of wheat C. 16,000 bushels of beans and 8,000 bushels of wheat D. 30,000 bushels of each
Which of the following is closest to a perfectly competitive market?
A. the computer software market B. the market for broccoli C. the market for athletic shoes D. the market for handmade guitars
Refer to the above figure. Which panel represents the long-run supply curve for a decreasing cost industry?
A) Panel A B) Panel B C) Panel C D) Panel D
A recent study suggested that moderate wine drinking may actually benefit one's health. If this information leads to an increased demand for wine, we would expect
a. both the price and quantity of wine sold to increase. b. both the price and quantity of wine sold to decrease. c. the price to decrease and the quantity of wine sold to increase. d. the price to increase and the quantity of wine sold to decrease.