From price acceptors to price makers
Posted On June 12, 2024
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[{“type”:”text”,”content”:”Farmers are price acceptors, both from the input and output sides of production. They have no control over the prices they pay for inputs (e.g. fuel, implements, machinery, water) or market prices they receive when selling their produce.nnFormer American president John F. Kennedy said, u201cthe farmer is the only man in our economy who buys everything at retail, sells everything wholesale, and pays the freight both ways.” This phenomenon has haunted farmers for decades