According to Data on Pennsylvania Agriculture in the 18^th Century

question 2

Multiple Choice

According to data on Pennsylvania agriculture in the 18^th century, increases in productivity were primarily due to

• A) increases in average farm size.
• B) increases in the amount of labor per farm.
• C) increased mechanization.
• D) increases in the capital-labor ratio.

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Definitions:

Resource Prices

the costs associated with the inputs used in the production of goods or services, including labor, raw materials, and capital.

Firm

A business or economic entity engaging in commercial, industrial, or professional activities.

Opportunity Costs

The loss of potential gain from other alternatives when one alternative is chosen.

Profit-maximizing

A firm's strategy or approach to achieve the highest possible profit from its operations, focusing on optimizing production and sales.