The Demand for Most Farm Products Is Relatively Inelastic

question 16

Multiple Choice

The demand for most farm products is relatively inelastic.All else constant, what is the effect on farm revenues as a result of the introduction of new and better farm equipment which increases productivity?

• A)Farm revenues increase.
• B)Farm revenues decrease.
• C)Farm revenues remain constant because consumers will not increase their consumption of farm products by much.
• D)Farm revenues could increase or decrease depending on the cost of this new equipment.

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Definitions:

Structural Relationship

The way in which components of a molecular structure are connected or related, including bonds and spatial arrangements.

D-Ribose

A pentose (five-carbon sugar) that plays a vital role in the metabolism of nucleic acids in cells.

Dihydroxyacetone

A simple saccharide (C3H6O3) used in cosmetic products, particularly in sunless tanning products, as it can cause skin darkening through reaction with the skin proteins.

D-Fructofuranose

A monosaccharide sugar, a structural form of fructose with a five-membered ring structure.