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.
Correct Answer:
Verified
Q59: Q60: Which of the following would, other things Q61: Q62: Q63: Measured in terms of farm employment and Q65: Over the past several decades, farm employment Q66: Which of the following is not characteristic Q67: A bumper crop of farm products causes Unlock this Answer For Free Now! View this answer and more for free by performing one of the following actions Scan the QR code to install the App and get 2 free unlocks Unlock quizzes for free by uploading documents![]()
![]()
![]()
A)only