Multiple Choice
You read online that,at current rates of production,the yearly world supply of food is sufficient to feed the projected 2010 population of the earth,and that after 2010 there will be massive starvation.One assumption behind this prediction is that:
A) food supply is infinitely elastic.
B) the long run elasticity of supply of food is inelastic.
C) prices will allocate food supplies to only wealthy countries.
D) short run supply elasticity is greater than long run supply elasticity.
Correct Answer:
Verified
Correct Answer:
Verified
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