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Rural area of a large agricultural-based economy

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In the rural area of a large agricultural-based economy in which corn is the staple food, there are many small farmers, each of them planting corns in a small piece of land using the same plantation method. Upon harvesting, they will deliver their corns to the city and sell them to the large population of customers in the city. The corn farmers do not have any bargaining power in determining the price of their corns. The corn price is determined by the market demand and supply, but each farmer will have no problem selling all their corns at the market equilibrium price.

Explain why there is no incentive for the corn farmers to carry out innovation in this corn market.

Reference no: EM133133295

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