If the Quantity Demanded of Agricultural Output Is Very Unresponsive

question 168

Multiple Choice

If the quantity demanded of agricultural output is very unresponsive to a fall in price,the demand for agricultural output is:

• A)price-elastic.
• B)price-inelastic.
• C)positively sloped.
• D)horizontal.

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Definitions:

Majority Voting

A decision-making process where the option that receives more than half of the votes cast by eligible participants wins.

Median Voter

A theoretical concept suggesting that the outcome of a majority vote is likely to reflect the preferences of the median, or middle, voter when preferences are aligned along a single dimension.

Election Outcome

The result of a voting process in which a person or proposal is selected among a set of candidates or options.

Deregulation

The removal of most or even all of the government regulation and laws designed to supervise an industry. Sometimes undertaken to combat regulatory capture.