Supply and Demand Effects farmers in various ways:
- Demand Increase: Price increases, Quantity increases.
- Supply Increase: Price decreases, Quantity increases.
- Demand Decrease: Price decreases, Quantity decreases.
- Supply Decrease: Price increases, Quantity decreases.
<u>Explanation:</u>
Supply and demand, as well as market prices, will rise and fall until they achieve a balance, which is called market equilibrium. As a response to decline the sales, farmers will have to lower the prices until the demand for product increases.
If a farmer set a price which is too high, thus the demand will decrease. If the market price is high, the interest of producers for a certain product or service will increase.
In an introduction to the industrial revolution it is important to highlight that this period helped to alleviate increase crop yields.
<h3>What was the industrial revolution?</h3>
The industrial revolution was a period in which manufactures and products began to be developed in series.
This phenomenon enabled the production of products at a higher scale, a process associated with the increase in overall productivity in agriculture.
In conclusion, in an introduction to the industrial revolution it is important to highlight that this period helped to alleviate increase crop yields.
Learn more about the industrial revolution here:
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