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Question & Answer
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It can lower production costs, allowing the farmer to produce at a lower opportunity cost.
It can increase the number of crops produced without affecting costs.
It can make the farming process more labor-intensive, reducing efficiency.
It can lead to a decrease in market demand for all agricultural products.
Understanding the Answer
Let's break down why this is correct
Using new tech lets a farmer grow crops more cheaply. Other options are incorrect because Many think new tech only boosts the number of crops but does not affect cost; The idea that tech makes farming harder is a misconception.
Key Concepts
Production Advantage
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Deep Dive: Production Advantage
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Definition
Production Advantage refers to a country's ability to produce goods more efficiently than another country. Absolute Advantage is when one country can produce more of both goods, while Comparative Advantage is when a country has a lower opportunity cost in producing a particular good. Understanding production advantages helps countries specialize in goods where they are most efficient, leading to overall economic growth.
Topic Definition
Production Advantage refers to a country's ability to produce goods more efficiently than another country. Absolute Advantage is when one country can produce more of both goods, while Comparative Advantage is when a country has a lower opportunity cost in producing a particular good. Understanding production advantages helps countries specialize in goods where they are most efficient, leading to overall economic growth.
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