Which of the Following Statements About Agriculture in the U

question 21

Multiple Choice

Which of the following statements about agriculture in the U.S.is correct?

• A)Technological improvements typically increase both supply and revenue for individual farmers.
• B)Technological improvements that increased supply,coupled with inelastic demand for foodstuffs,explain why the number of farmers has decreased dramatically over the last century.
• C)Because technological improvements increase the supply of a product for which demand is inelastic,an individual farmer would be better off not adopting the new technology.
• D)All of the above are correct.

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Definitions:

Budgeted Sales

The projected amount of sales revenue a company expects to earn over a specific period, often used for planning purposes.

Actual Sales

The real revenue generated from goods or services sold, measured within a specific period.

Implied Value

a value that is not directly stated but can be derived from given information through analysis or calculation.

Swiss Chalet Franchise

A business opportunity that involves becoming a part of the Swiss Chalet chain of restaurants, known for their rotisserie chicken.