Author Question: In the last three decades of the 19th century, the long-run supply track of farm prices (a) ... (Read 64 times)

NguyenJ · **on:** Jun 30, 2018

In the last three decades of the 19th century, the long-run supply track of farm prices

(a) indicates a decline in farm prices due to a slowly increasing demand and a more rapidly increasing supply.
(b) indicates a decline in farm prices due to a slowly increasing supply and a more rapidly increasing demand.
(c) indicates an increase in farm prices due to a slowly increasing supply and a more rapidly increasing demand.
(d) indicates relatively constant prices due to the fact that supply and demand were both increasing
at about the same rate.

Question 2

During the 20th century, the agricultural sector experienced an increase in

(a) the number of operating farms.
(b) the farm population.
(c) the farm output.
(d) all of the above.