What Has Led to a Sharp Drop in the Number

question 15

Multiple Choice

What has led to a sharp drop in the number of farms in the United States?

• A) intense capital investment and competition
• B) increased unemployment
• C) industrial agriculture
• D) increased competition

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Definitions:

Substitutes

Alternative goods or services that can satisfy the same needs as another, often leading to a choice between the two based on price, convenience, or preference.

Perfectly Competitive

A market structure characterized by a large number of small firms, a homogeneous product, free entry and exit, and perfect knowledge, where no single firm can influence the market price.

Profit-Maximizing

The method through which a company identifies the pricing and production quantity that maximizes its profits.

Economic Standpoint

A perspective or analysis based on economic principles, often considering factors like scarcity, supply and demand, and cost-benefit analysis.