Since 1950, There Has Been a Substantial Increase in Wheat

question 107

Multiple Choice

Since 1950, there has been a substantial increase in wheat production.The increase in production has led to a decrease in the price of wheat because of which of the following factors?

• A)The absolute value of the price elasticity of demand for wheat is less than 1 and the income elasticity of demand for wheat is greater than 1.
• B)The absolute value of the price elasticity of demand for wheat is greater than 1 and wheat is a close substitute for other food products.
• C)The absolute value of the price elasticity of demand for wheat is less than 1 and the income elasticity of demand for wheat is low.
• D)The income elasticity of demand for wheat is high and wheat is an inferior good.

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Definitions:

Periodical

A publication, such as a magazine, journal, or newspaper, that is published at regular intervals over an indefinite period.

Nurture

The influence of environmental factors on one's behavior, development, and personality.

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Academic Performance

The measurement of a student's scholastic activities, often represented by grades or performance in examinations.