Article Summary
According to the Department of Agriculture,net farm income will fall from $91.1 billion in 2014 to $58.3 billion in 2015,a 36 percent drop and the largest percentage decline since 1983.Falling prices on corn and soybeans are responsible for a portion of the decline in income,as are lower prices for dairy products,hogs,and chickens.The USDA is,however,predicting lower production costs due to falling prices for energy,seed,fertilizer,and pesticides.
-Refer to the Article Summary.All else equal,the lower production costs should help offset some of the falling income and
A) keep profits from falling to an even lower level.
B) keep prices from falling to an even lower level.
C) reduce the equilibrium quantity of agricultural output.
D) prevent losses from occurring in the agricultural sector.
Correct Answer:
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Q101: A perfectly competitive firm earns a profit
Q104: Figure 12-5 Q105: Article Summary Q109: Figure 12-5 Q111: Figure 12-4 Q112: Figure 12-4 Q113: Figure 12-4 Q114: If a perfectly competitive firm's price is Q115: If a perfectly competitive firm's price is Q119: Figure 12-4 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
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According to the Department of Agriculture,net
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