Which of the following factors is most likely to shift the cost curves of an Iowa corn farmer downward?

Question

Quizplus · Accepted Answer

The development of a new, more efficient corn harvester would lower the farmer's cost of production by allowing them to harvest more corn in a shorter amount of time, using less labor, and/or requiring less maintenance. This would shift the cost curves downward, making it cheaper to produce each unit of output. The other options would increase costs either directly (increased price of fertilizer and new regulation requiring pesticide treatments) or indirectly (increased tax on diesel fuel, which is used by the farmer).

Which of the Following Factors Is Most Likely to Shift