Suppose a Frost Destroys the Alfalfa Crop in Manitoba but Farmers

question 106

Multiple Choice

Suppose a frost destroys the alfalfa crop in Manitoba but farmers see an increase in their revenues.Which of the following best explains this?

• A)The decrease in supply led to huge price increases.
• B)Alfalfa is a necessity.
• C)The demand for alfalfa is price inelastic.
• D)The cross-price elasticity between alfalfa and most other substitute sprouts is very low.

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Definitions:

Exchange

The process of trading goods, services, or ideas between parties, often pivotal in business operations and social interactions.

Persuasion

The act of convincing someone to do or believe something through reasoning or the use of symbols.

Assertiveness

The ability to express one's thoughts, feelings, and beliefs in a direct, honest, and appropriate way.

Blackmailing

The act of threatening to reveal potentially damaging information about someone unless a demand or request is met.