Which of the following has been a major factor in keeping U.S.farm incomes low?
A) depletion of resources resulting from the war effort
B) rapid advances in technology pushing the supply curve to the right
C) growth in per capita income pushing the demand curve to the right
D) shift from an agricultural to a service-oriented society
E) large imports of agricultural products from abroad

Question

Quizplus · Accepted Answer

Rapid advances in technology in agriculture have significantly increased the supply of agricultural products. When the supply curve shifts to the right, it means there is more supply of the products at the same price levels, which can lead to lower prices if demand does not increase at the same rate. This increase in supply without a proportional increase in demand can lead to lower incomes for farmers.

Which of the Following Has Been a Major Factor in Keeping