Over the Past Twenty Years, the Number of Small Family

question 70

Multiple Choice

Over the past twenty years, the number of small family farms has fallen significantly and in their place there are fewer, but larger, farms owned by corporations.Which of the following best explains this trend?

• A)diseconomies of scale in farming
• B)economies of scale in farming
• C)diminishing returns to labor in farming
• D)declining productivity

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Wage Increase

A rise in the amount of money workers are paid per unit of time.

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Equilibrium Wage

The wage rate at which the quantity of labor demanded equals the quantity of labor supplied.

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educational or supplementary instruction provided to students outside of regular school hours to improve their knowledge or skills.