Economics: Principles, Problems, and Policies, 19th Edition

Published by McGraw-Hill Education
ISBN 10: 0073511447
ISBN 13: 978-0-07351-144-3

Chapter 19 - Agriculture: Economics and Policy - Questions - Page 408: 3b

Answer

(b)Technological innovations have decreased production costs, increased long-run supply for most agricultural goods, and reduced the prices of farm output. These declines in prices have put a downward pressure on farm income.

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Conceptual Question. No Work Needed.
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