Which of the Following Best Describes the Short-Run Problem Faced

question 102

Multiple Choice

Which of the following best describes the short-run problem faced by farms?

• A)New technology has increased the productivity of farmers and therefore resulted in declining farm prices and low farm incomes.
• B)The highly inelastic nature of agricultural demand, together with fluctuations in exports of farm goods, has caused small year-to-year fluctuations in farm output to result in highly unstable farm incomes.
• C)The supply of farm products has increased relative to the demand for them, and because demand is inelastic, prices of farm output and farm income have therefore declined.
• D)The demand for farm products has increased relative to their supply, but the elastic nature of agricultural demand has caused these shifts to result in declining farm incomes.

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