The Demand for Agricultural Output Is Price Inelastic

question 156

Multiple Choice

The demand for agricultural output is price inelastic.This means that if farmers, taken collectively, have a bumper crop, they will experience:

• A) lower prices, greater quantities sold, and lower incomes.
• B) higher prices, greater quantities sold, and higher incomes.
• C) lower prices, quantities sold, and incomes.
• D) higher prices, quantities sold, and incomes.

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Definitions:

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Refers to the fulfillment of the second level of Maslow's hierarchy of needs, which includes security and protection from physical and emotional harm.

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A psychological condition in which an individual's need for social relationships and connections with others is fulfilled.

Chain Migration

A term used in demography to describe the social process by which migrants from a particular town follow others from that town to a particular destination.

Resettlement Agency

An organization that assists refugees and asylum seekers in finding new homes and integrating into new communities.