Multiple Choice
If the demand for a particular agricultural product is highly elastic and bad weather causes the supply to decrease,then we would expect the price of agricultural products to
A) decrease and farmers' revenues to decrease.
B) increase and the demand to decrease.
C) increase while farmers' revenues decrease significantly.
D) increase by a large percentage while farmers' revenues decrease only slightly.
Correct Answer:
Verified
Correct Answer:
Verified
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