-The Method of Farming Illustrated in This Photograph Best Represents

question 60

Multiple Choice

-The method of farming illustrated in this photograph best represents

• A)the Industrial Revolution.
• B)the Green Revolution.
• C)subsistence farming.
• D)a rare form of agriculture.

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Definitions:

Perfectly Competitive

A market structure characterized by a large number of small firms, identical products, and free entry and exit, leading to price-taking behavior.

Horizontal

Refers to something that is parallel to the horizon, often used in contrast with vertical; in economics, it may pertain to mergers between companies at the same stage of production.

Economic Profits

Refers to the financial gains that exceed the total costs, including both explicit and implicit costs, of a business.

Enter Industry

The act of starting or initiating business operations in a particular market sector.