With a Fixed Level of Farm Production, a Given Shift

question 26

Multiple Choice

With a fixed level of farm production, a given shift in demand for a crop will cause a

• A) small price change if demand is quite inelastic.
• B) more dramatic price change if demand is quite elastic.
• C) more dramatic price change if demand is quite inelastic.
• D) similar amount of price change regardless of whether demand is elastic or not.

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Definitions:

Cost of Living

The amount of money needed to sustain a certain standard of living, including basic expenses such as housing, food, taxes, and healthcare.

Bar Chart

A diagram that uses rectangular bars to show quantities or numbers so that they can be easily compared.

Gantt Chart

A graphical tool used in project management to represent the timeline of tasks or activities as horizontal bars.

Bar Chart

A graphical representation of data using bars of different heights or lengths to compare values across categories.