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.

Question

Quizplus · Accepted Answer

Technological improvements increase supply, which can lower prices due to inelastic demand, benefiting consumers but potentially reducing farmers' revenue.

Which of the Following Statements About Agriculture in the U