# Over the long run, worldwide supplies of agriculture products have increased dramatically, but at the same...

###### Question:

Over the long run, worldwide supplies of agriculture products have increased dramatically, but at the same time, farmers' revenues have also fallen sharply. What is the reason for this? O a. Total revenue from farming decreased as output increased because demand for most farm products is inelastic. O b. The demand for farm products has declined over the past few decades. O c. Farm price supports have robbed farmers of their income. O d. Supply has increased but become more elastic over time. X
Consider a local Sunday farmers' market. Joe, a farmer, packs his small truck full of green peppers every Sunday morning and heads down to the market. The market is only open for 4 hours and it takes him about 2 hours to drive to the market from his farm. As well, it is not fuel efficient for him to return with any peppers after the market closes. Which of the following best describes Joe's supply curve for any day he is at the market? O a. Relatively elastic. O b. Perfectly elastic. O c. Relatively inelastic. O d. Perfectly inelastic.

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