Choose three farm products and determine whether their prices (as measured by "prices received by farmers") have generally increased, decreased, or stayed the same over the past three years. In which of the three cases, if any, do you think that supply has increased more rapidly than demand? In which of the three cases, if any, do you think that demand has increased more rapidly than supply? Explain your reasoning.

For milk and cotton, supply has increased more than demand because customers are not buying much of it. for hogs, the demand has increased more than supply because more customers are buying much of it than meats that are expensive in the market.

Explanation:

For this question, i will use the cotton, hogs and milk as the case study.

According to USDA data, cotton prices has fallen approximately $0.10 per round. the hog prices has increased rapidly $10 per hundredweight, and the milk has fallen to $2 per hundredweight in the past three years.

In the case of hogs, I think the demand has increased more better than supply, because many customers are probably substituting to pork from more expensive meat like steak in this economic period.

In the case of milk and cotton, i think the supply has increased more than demand, because customers may be trying to purchase less of these goods.