If the Demand for Agricultural Output Is Highly Inelastic, an Improvement

question 132

Multiple Choice

If the demand for agricultural output is highly inelastic, an improvement in the technology used in the agricultural industry most likely will cause a:

• A) small drop in the price of agricultural output combined with a small increase in quantity.
• B) small drop in the price of agricultural output combined with a large increase in quantity.
• C) large drop in the price of agricultural output combined with a small increase in quantity.
• D) large drop in the price of agricultural output combined with a large decrease in quantity.

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