Farmers Often Find That Large Bumper Crops Are Associated with Declines

question 6

Multiple Choice

Farmers often find that large bumper crops are associated with declines in their gross incomes. This suggests that

• A)farm products are normal goods.
• B)farm products are inferior goods.
• C)the price elasticity of demand for farm products is less than 1.
• D)the price elasticity of demand for farm products is greater than 1.

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