A Bumper Crop of Farm Products Causes

question 144

Multiple Choice

A bumper crop of farm products causes

• A) only a slight decline in the price of farm products because the demand for farm products is income inelastic.
• B) a large decline in the price of farm products because the demand for farm products is price inelastic.
• C) only a slight decline in the price of farm products because the demand for farm products is income elastic.
• D) a large decline in the price of farm products because the demand for farm products is price elastic.

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Definitions:

Mesopotamia

An ancient region located in the eastern Mediterranean, bounded by the Tigris and Euphrates rivers, known as the cradle of civilization for its early developments in writing, law, and urbanization.

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A process whereby an economy's capacity to produce goods and services increases over time.