Increases in Farm Productivity Have Lowered the Prices of Manyagricultural

question 56

Multiple Choice

Increases in farm productivity have lowered the prices of manyagricultural products. Farm revenues decreased, which impliesthe:

• A)demand for many agricultural products is inelastic.(True Answer )Correct
• B)costs of production increased.
• C)demand for many agricultural products is elastic.
• D)costs of production stayed the same.

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Definitions:

Oil and Gas

Natural resources found beneath the Earth's surface, used as crucial energy sources and raw materials in various industries.

Rising Salt Dome

A geological formation where a column of salt moves upward through overlying sediments, often forming a dome-like structure.

Fault Zone

A fault zone is a region of the Earth's crust characterized by one or more faults, which are fractures along which there has been displacement of the sides relative to one another.

Unconformity

A surface within the rock record that represents a gap in the geological history due to erosion or non-deposition of sediments.