Asked by Zachary Whetstone on Jun 17, 2024
Verified
The major factor contributing to lower prices for many farm products in 1998 and 1999 was
A) a rise in the cost of farm equipment.
B) a drop in the value of farmland prices.
C) greater demand for food and higher interest costs.
D) reduced export demand and strong crop production.
Reduced Export Demand
A situation where there is a decline in the international demand for a country's goods or services, often affecting the exporting country's economy.
Crop Production
The process of growing and harvesting plants, particularly agricultural crops, for consumption, industry, and feed, involving techniques like planting, irrigation, and pest control.
- Identify the factors contributing to the instability of agricultural prices and incomes.
Verified Answer
EK
Emmet KeeffeJun 21, 2024
Final Answer :
D
Explanation :
The major factor contributing to lower prices for many farm products during 1998 and 1999 was reduced export demand combined with strong crop production. This led to an oversupply in the market, which, according to the principles of supply and demand, results in lower prices.
Learning Objectives
- Identify the factors contributing to the instability of agricultural prices and incomes.
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