Which of the Following Best Describes the Short-Run Problem Faced

question 71

Multiple Choice

Which of the following best describes the short-run problem faced by farms?

• A) New technology has increased the productivity of farmers and therefore resulted in declining farm prices and low farm incomes.
• B) The highly inelastic nature of agricultural demand, together with fluctuations in exports of farm goods, has caused small year-to-year fluctuations in farm output to result in highly unstable farm incomes.
• C) The supply of farm products has increased relative to the demand for them, and because demand is inelastic, prices of farm output and farm income have therefore declined.
• D) The demand for farm products has increased relative to their supply, but the elastic nature of agricultural demand has caused these shifts to result in declining farm incomes.

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Definitions:

Variety of Tasks

Variety of tasks refers to having a diverse range of different activities or duties within a job role, often contributing to increased satisfaction and engagement at work.

Biorhythms

The study of cyclic patterns in biological activities and processes, suggesting that physical, emotional, and intellectual life phases follow regular patterns.

Work Simplification

The process of streamlining work processes to increase efficiency, reduce complexity, and eliminate unnecessary tasks.

Ergonomics

The study of designing equipment, devices, and processes that fit the human body and its cognitive abilities.