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Explain, using the concept of elasticity of demand, why increased output could be a problem for farmers.
Price of Oil
The cost per barrel of crude oil as determined by global markets and supply-demand dynamics.
Quantity of Oil
The total volume or amount of oil available or in production at a given time.
Complements
Products or services that complement each other, such that a rise in the demand for one results in a rise in the demand for its counterpart.
Demand Curve
A graphical representation that shows the relationship between the price of a good and the quantity demanded by consumers.
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