Multiple Choice
A bumper crop of farm products causes
A) only a slight decline in the price of farm products because the demand for farm products is income inelastic.
B) a large decline in the price of farm products because the demand for farm products is price inelastic.
C) only a slight decline in the price of farm products because the demand for farm products is income elastic.
D) a large decline in the price of farm products because the demand for farm products is price elastic.
Correct Answer:
Verified
Correct Answer:
Verified
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