An Advance in Farm Technology That Results in an Increased

question 46

Multiple Choice

An advance in farm technology that results in an increased market supply is

• A)good for farmers because it raises prices for their products but bad for consumers because it raises prices consumers pay for food.
• B)bad for farmers because total revenue will fall but good for consumers because prices for food will fall.
• C)good for farmers because it raises prices for their products and also good for consumers because more output is available for consumption.
• D)bad for farmers because total revenue will fall and bad for consumers because farmers will raise the price of food to increase their total revenue.

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Definitions:

Human Capital

Represents the economic value of a worker's experience and skills, including education, training, intelligence, skills, health, and other things employers value such as loyalty and punctuality.

Differences in Talent

Variations in the natural abilities, skills, or competencies among individuals that can impact productivity and earnings.

Doctoral Degrees

Advanced academic degrees awarded by universities, recognizing the highest level of expertise in a specific field of study.

Wage Differentials

The variation in wages among individuals for the same job or different jobs based on factors such as experience, education, and skill level.