If the Demand for a Particular Farm Product Is Inelastic

question 16

Multiple Choice

If the demand for a particular farm product is inelastic between price P? and P? (where P? > P?) ,farmers as a group would want to sell their product at the

• A) higher price, but an individual farmer would rather sell his product at the lower price.
• B) higher price, and an individual farmer would rather sell his product at the higher price, too.
• C) lower price, but an individual farmer would rather sell his product at the higher price.
• D) lower price, and an individual farmer would rather sell his product at the lower price, too.

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Definitions:

Circumlocution

The use of many words where fewer would suffice, often to be vague or evasive, or to elaborate unnecessarily.

Blocking

In psychology, a process whereby a person's thoughts or memories are obstructed or interrupted.

Neologism

The creation or use of new words or expressions, often seen in linguistic development and in certain psychiatric conditions.

Circumstantiality

A communication disorder where the speaker provides unnecessary details and takes longer to convey a message but eventually reaches the point.