Since 1950, There Has Been a Substantial Increase in Wheat

question 107

Multiple Choice

Since 1950, there has been a substantial increase in wheat production.The increase in production has led to a decrease in the price of wheat because of which of the following factors?

• A)The absolute value of the price elasticity of demand for wheat is less than 1 and the income elasticity of demand for wheat is greater than 1.
• B)The absolute value of the price elasticity of demand for wheat is greater than 1 and wheat is a close substitute for other food products.
• C)The absolute value of the price elasticity of demand for wheat is less than 1 and the income elasticity of demand for wheat is low.
• D)The income elasticity of demand for wheat is high and wheat is an inferior good.

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Definitions:

Cardiac Muscle

Specialized muscle tissue found in the heart that contracts to pump blood throughout the body.

Nuclei

Nuclei are membrane-bound organelles found in eukaryotic cells, containing most of the cell's genetic material and acting as the control center for cell growth, metabolism, and reproduction.

Skeletal

Relating to or consisting of the bones of the body or the skeleton.

Smooth

A type of involuntary muscle found in various organs, including the stomach, intestines, and blood vessels, controlling their movements and function.