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
Question
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
Solution
The correct answer is "agriculture has been a declining industry".
Here's why:
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Technological advance: With the advent of new technologies, the productivity in the agricultural sector has increased significantly. This means that fewer workers are needed to produce the same amount of goods. As a result, the industry has been declining in terms of employment.
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Inelastic demand with respect to income: This means that as people's incomes increase, they do not necessarily consume more agricultural products. People can only consume a certain amount of food, regardless of their income. Therefore, the demand for agricultural products does not increase at the same rate as income, leading to a decline in the industry.
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