Which of the Following Statements About Agriculture in the U

question 37

Multiple Choice

Which of the following statements about agriculture in the U.S.is correct?

• A)From the 1950s to today,agricultural output has approximately doubled.
• B)Because technological improvements increase the supply of a product for which demand is inelastic,an individual farmer would be better off not adopting the new technology.
• C)Increasing the supply of agricultural products typically benefits consumers but harms farmers.
• D)Technological improvements typically increase both supply and revenue for individual farmers.

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Definitions:

Employment

The state of having paid work or the total number of people who are employed within a specific economy.

Wage Bill

The total amount of money paid by employers to their employees as wages for a specified period.

Market Wage Rate

The prevailing rate of pay for specific jobs in the labor market, determined by supply and demand for labor in that field.

Profit-maximizing

The method a company employs to identify the price and production volume that maximizes profit.