In the Farm Households Model,when Transfer Costs Prevent Farm Households

question 8

Multiple Choice

In the Farm households model,when transfer costs prevent farm households from participating in labor markets,what will happen with increases in crop prices?

• A) VMPL will shift up
• B) HLS will shift up
• C) total farm output will always increase.
• D) both a and b

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Definitions:

Negatively Skewed

A distribution that is skewed to the left, indicating that the tail on the left side is longer or fatter than the right side.

Parameters

In statistics, parameters are numerical characteristics of a population, such as mean or standard deviation, that are typically unknown and estimated from sample data.

Statistics

The study of the collection, analysis, interpretation, presentation, and organization of data.

Hypotheses

Plural form of hypothesis, these are tentative explanations or predictions that can be tested through research and experimentation.