Solved

Supply of a Food Item Increases by More Than the Demand

Question 5

Multiple Choice

Supply of a food item increases by more than the demand for the food item increases.One thing for certain is that


A) the price of the food item rises.
B) income elasticity of demand is less than 0.
C) the supply curve is price inelastic.
D) real income falls as a result.
E) none of the above

Correct Answer:

verifed

Verified

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

Related Questions

Q1: Explain how nonrecourse loans operate and how

Q2: Increased productivity in the agricultural sector during

Q3: Agricultural price supports refer to<br>A)minimum prices set

Q4: Suppose farmers get together and decide to

Q6: If the demand for a particular agricultural

Q7: Exhibit 39-8 <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB1429/.jpg" alt="Exhibit 39-8

Q8: Explain how the combination of major changes

Q9: Studies shows that income elasticity of demand

Q10: Under a target price system,the government can

Q11: Exhibit 39-4 <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB1429/.jpg" alt="Exhibit 39-4