According to the Department of Agriculture, net farm income in 2019 is projected to rise by more than 10 percent, to $92.5 billion in 2019, with much of the increase coming from federal aid and insurance payments to farmers. Without these payments, U.S. net farm income would have dropped by nearly 8 percent. The Trump administration paid an estimated $22.4 billion in aid to U.S. farmers in 2019 to compensate for lower prices and lost sales due to global trade disputes.
Source: P.J. Huffstutter, "U.S. farm income expected to rise in 2019, but only because of government aid," Reuters, December 2, 2019.
-Refer to the Article Summary. Net farm income was projected to increase by more than 10 percent in 2019, to $92.5 billion. Graphically, this increase in profit would be represented by ________ at the profit-maximizing quantity.
A) MR > ATC
B) MC = ATC
C) MR > MC
D) MC < ATC
Correct Answer:
Verified
Q1: Fill in the columns in the following
Q2: Assuming a market price of $4, fill
Q4: According to the Department of Agriculture, net
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