Perfect Competition and Inelastic Demand: Can the Farmer Make a Profit?

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Farmers lured into producing massive food surpluses for WWI could no longer profit when the war ended and demand plummeted. After 1933, President Franklin D. Roosevelt sought to improve the conditions of farmers via policies in his New Deal plan. Government subsidies later allowed for corporate ownership of a majority of farmers. The Freedom to Farm Bill of 1996 gave farmers a little more maneuverability, but for the most part farmers are still held to the fluctuating demand statuses of large competitive firms.

Find additional resources, including primary source materials, interactives, and downloadable print materials, at: http://www.learner.org/series/econusa/unit04/

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00:28