Which statement best characterizes the long-run decline in the agricultural industry?

Question

Quizplus · Accepted Answer

The correct answer is B because it accurately describes the long-run decline in the agricultural industry. This decline is largely due to technological advancements and improvements in farming practices, which have significantly increased the supply of farm products. However, the demand for these products has not increased at the same pace, leading to a surplus of goods. This surplus, in turn, causes prices to fall, which can reduce farmers' income since they are selling their products at lower prices.

Which Statement Best Characterizes the Long-Run Decline in the Agricultural