What impact does an increase in farm technology that increases market supply have for farmers and for consumers? Assume that the demand is elastic.

Answer options:

a.) It is good for farmers because total revenue will increase, and good for consumers because food prices will fall.

b.) It is bad for farmers because total revenue will fall, and bad for consumers because food prices will increase.

c.) It is bad for farmers because total revenue will fall, but good for consumers because food prices will fall.

d.) It is good for farmers because total revenue will increase, but bad for consumers because food prices will increase.