Results of a bumper crop
November 16th, 2022
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.