Which of the following statements about agriculture in the U.S.is correct?
A)Technological improvements typically increase both supply and revenue for individual farmers.
B)Technological improvements that increased supply,coupled with inelastic demand for foodstuffs,explain why the number of farmers has decreased dramatically over the last century.
C)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.
D)All of the above are correct.

Question

Quizplus · Accepted Answer

Technological improvements have increased supply, but because demand for food is inelastic, prices tend to fall, reducing revenue for farmers and leading to a decrease in the number of farmers.

Which of the Following Statements About Agriculture in the U