Assume a perfectly spherical farmer in a frictionaless socioeconomic vacuum... sounds like physics.

And yet the industrial revolution has allowed children of farmers to take other professions.

Otherwise it wouldn't be a monopoly and the farmer wouldn't have to accept the offer. The farmer, or rather, the human, can source resources from other markets and sell goods or services that don't depend on farmland.

Once that happens, and nobody accepts the high price, the landlord has to lower the price until somebody accepts his offer.