Results of a bumper crop
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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.
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Solution Summary
How elasticity influences the effects of a bumper crop of farm products is determined.
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The demand for farm produces is price inelastic. This means that people consume about the same quantities of ...
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