Technological advance and inelastic demand with respect to income are the reasons why ______.Multiple choice question.the supply of farm products has declined over the long runagriculture has been a declining industryagricultural markets have stabilized in the long runagriculture is a growing industry
Question
Technological advance and inelastic demand with respect to income are the reasons why ______.Multiple choice question.the supply of farm products has declined over the long runagriculture has been a declining industryagricultural markets have stabilized in the long runagriculture is a growing industry
Solution
The correct answer is: agriculture has been a declining industry.
Here's why:
-
Technological advance: With the advent of new technologies, farming has become more efficient. This means that fewer workers are needed to produce the same amount of food. As a result, the number of people employed in agriculture has declined over time.
-
Inelastic demand with respect to income: This means that as people's incomes rise, they do not significantly increase their consumption of agricultural products. People can only eat so much, so even if they have more money, they won't necessarily buy more food. This limits the growth potential of the agriculture industry.
Therefore, these two factors have contributed to agriculture being a declining industry.
Similar Questions
Multiple Choice QuestionTechnological advance and inelastic demand with respect to income are the reasons why ______.Multiple choice question.agriculture has been a declining industrythe supply of farm products has declined over the long runagriculture is a growing industryagricultural markets have stabilized in the long run
Multiple Select QuestionSelect all that applyWhat are the two dynamic characteristics of agricultural markets that explain why agriculture has been a declining industry?Multiple select question.Demand for farm products has increased rapidly because it is elastic with respect to income.Over time, the supply of farm products has increased rapidly because of technological advance.Demand for farm products has increased slowly because it is inelastic with respect to income.Over time, the demand for farm products has increased rapidly because of technological advance.Demand for farm products has increased slowly because it is elastic with respect to income.
Multiple Choice QuestionWhich of the following has failed to keep pace with technologically created increases in the supply of farm products?Multiple choice question.PricesGrowth in the demand for farm productsDecreases in the demand for farm productsGrowth in the elasticity for farm products
Farmers in more developed and less developed countries share which of the following problems?Group of answer choiceslack of equipmentsurplus productionaccess to fertilizerslimited profitabilitythe declining importance of world markets
Which of the following characterize the U.S. agricultural industry in the long run?Multiple select question.Financial lossesFinancial gainsA massive influx of workersA massive exodus of workers
Upgrade your grade with Knowee
Get personalized homework help. Review tough concepts in more detail, or go deeper into your topic by exploring other relevant questions.