The Demand for Agricultural Products Is

question 159

Multiple Choice

The demand for agricultural products is

• A)relatively elastic with respect to price.
• B)relatively inelastic with respect to price.
• C)relatively elastic with respect to income.
• D)downsloping to the individual farmer but perfectly elastic to farmers as a group.

---

Definitions:

Health Care

The maintenance or improvement of health via the prevention, diagnosis, treatment, recovery, or cure of disease, illness, injury, and other physical and mental impairments in people.

Current Liability

A company's debts or obligations that are due to be paid to creditors within one year.

Note Payable

An obligation in the form of a written promissory note requiring the borrower to repay the lender a specific sum of money on demand or at a predetermined date.

Interest Payable

This is the amount of interest expense that has accumulated but not yet been paid by a company.