Solved

Suppose a Frost Destroys the Tomato Crop in California but Farmers

Question 75

Multiple Choice

Suppose a frost destroys the tomato crop in California but farmers see an increase in their revenues.Which of the following best explains this?


A) The decrease in supply led to huge price increases.
B) Tomatoes are necessities.
C) The demand for tomatoes is price inelastic.
D) The cross-price elasticity between tomatoes and most other substitute vegetables is very low.

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Q70: A perfectly elastic demand curve is<br>A)vertical.<br>B)horizontal.<br>C)curvilinear.<br>D)upward sloping.

Q71: A newspaper story on the effect of

Q72: Demand for a luxury item, such as

Q73: Calculate the income elasticity if an 8

Q74: If the cross-price elasticity of demand between

Q76: Table 6-5<br> <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB4193/.jpg" alt="Table 6-5

Q77: Table 6-6<br> <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB4193/.jpg" alt="Table 6-6

Q78: If a soda tax is implemented and

Q79: Economists estimated that the cross-price elasticity of

Q80: Figure 6-9<br> <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB4193/.jpg" alt="Figure 6-9