The Demand for Agricultural Output Is Price Inelastic

question 156

Multiple Choice

The demand for agricultural output is price inelastic.This means that if farmers, taken collectively, have a bumper crop, they will experience:

• A) lower prices, greater quantities sold, and lower incomes.
• B) higher prices, greater quantities sold, and higher incomes.
• C) lower prices, quantities sold, and incomes.
• D) higher prices, quantities sold, and incomes.

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