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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Definitions:

Mediation

A form of alternative dispute resolution where a neutral third party helps the disputing parties reach a mutually satisfactory agreement.

Arbitration

A method of dispute resolution where an impartial third party makes a binding decision to resolve a conflict outside of court.

Deposition

A sworn, out-of-court oral testimony of a witness that is used for gathering information as part of the discovery process and, in limited circumstances, as testimony at trial.

Preserve Testimony

The practice of documenting and saving witness statements or depositions to ensure their availability for future legal proceedings.