Which of the Following Statements Regarding the Agricultural Industry Is

question 47

Multiple Choice

Which of the following statements regarding the agricultural industry is correct?

• A)Economies of scale and consolidation have significantly reduced the degree of competition in the industry.
• B)Corporate farms now control more than 50 percent of the market for each of the major crops.
• C)The largest 5 percent of growers of any particular product are characterized by a small number of interdependent producers.
• D)Although farming has become increasingly concentrated over the last 70 years, it is still a highly competitive industry.

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Definitions:

Oil Trust

Historical term referring to monopolies or near-monopolies in the oil industry, specifically in the United States during the late 19th and early 20th centuries.

Airline Deregulation Act

A United States federal law passed in 1978 that removed governmental control over fares, routes, and market entry of new airlines, significantly reducing barriers to entry in the airline industry.

Civil Aeronautics Board

The Civil Aeronautics Board was a federal agency in the United States that regulated aviation services, including fares, routes, and schedules, before its dissolution in 1985.

Fares

The prices charged for transportation services, such as bus, train, or airplane tickets.