The Advent of the Gasoline-Powered Tractor in the 1920s Meant

question 72

Multiple Choice

The advent of the gasoline-powered tractor in the 1920s meant that

• A) productivity went way up but so did debt.
• B) farmers did not need to plow as much land to make the same profit.
• C) farmers would have to spend time training hands on new equipment.
• D) bigger crops could be grown on smaller areas.
• E) None of these

---

Definitions:

Supply

The total amount of a product or service available for purchase at any given price, determined by factors like production capacity and market demand.

Quantity Demanded

The total amount of a good or service that consumers are willing to purchase at a specific price level, holding all other factors constant.

Quantity Supplied

The amount of a good or service that producers are willing and able to offer for sale at a given price during a specified period.

Excess Demand

A situation where the quantity demanded of a good or service exceeds the quantity supplied at the current price.