A pre-industrial economy experiences a major breakthrough in agricultural technology, causing food production per worker to double. This initially leads to a significant increase in real wages and improved living standards for the general population. Based on the economic dynamics that govern such a society, which of the following describes the most probable long-term consequence of this event?
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A pre-industrial economy experiences a major breakthrough in agricultural technology, causing food production per worker to double. This initially leads to a significant increase in real wages and improved living standards for the general population. Based on the economic dynamics that govern such a society, which of the following describes the most probable long-term consequence of this event?
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The significant agricultural advancements in 17th-century England successfully broke the long-standing inverse relationship between population size and real wages, leading to sustained, simultaneous growth in both metrics throughout the 18th century.
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A historian observes that in a pre-industrial society, a period of rapid agricultural innovation led to a 50-year boom where living standards rose significantly. However, in the following century, living standards fell back to, and even below, their original levels. Which of the following provides the most accurate explanation for this reversal of fortune?
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