1. Since the demand curve for food is inlastic, technological improvements in production will
A. decrease price, increase output and increase farm revenues.
B. decrease price, increase output and decrease farm revenues.
C. increase price, decrease output and increase farm revenues.
D. decrease price, decrease output and decrease farm revenues.
2. Discuss the similarities and differences between the market structures of perfect competition in terms of:
A) Nature of product B) nature of cost curves C) Existence of economic profit in the long run D) benefit to society - Please use Economic terminology.