Technological Improvements in Agriculture That Shift the Supply of Agricultural

question 57

Multiple Choice

Technological improvements in agriculture that shift the supply of agricultural commodities to the right tend to

• A) increase total revenue to farmers as a whole because the demand for food is elastic.
• B) increase total revenue to farmers as a whole because the demand for food is inelastic.
• C) reduce total revenue to farmers as a whole because the demand for food is elastic.
• D) reduce total revenue to farmers as a whole because the demand for food is inelastic.

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Definitions:

Responsibility Centers

Parts of an organization treated as separate entities for managerial accounting and performance measurement, each responsible for its own revenues, expenses, and investment funds.

Decentralized Business

A business model where decision-making and operational activities are distributed across different locations or departments, rather than centralized in a single location.

Operating Decisions

Decisions that relate to the day-to-day activities of a business, affecting its operational efficiency and effectiveness.

Top Management

The highest level of management in an organization, responsible for overall strategy and policy-making.