Because the Demand for Food Is Relatively Price Inelastic, What

question 184

Multiple Choice

Because the demand for food is relatively price inelastic, what effects would you expect to see as a result of technological advances that reduce the cost of food production?

• A) Food prices would rise, but farm incomes would decline.
• B) Food prices would rise and farm incomes would rise.
• C) Food prices would decline and farm incomes would decline.
• D) Food prices would decline, but farm incomes would rise.

---

Definitions:

Stay-at-home Dads

Fathers who choose to stay at home to care for their children and manage household duties, challenging traditional gender roles.

High Paying Jobs

Occupations that offer a salary significantly above the average, providing financial security and often requiring specialized skills or education.

Education

The systematic process of facilitating learning, acquiring knowledge, skills, values, and attitudes through instructional methods and resources.

Personal Satisfaction

A state of contentment and fulfillment that an individual experiences when their desires, expectations, or needs are effectively met.