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.

---

Definitions:

Order of Canada

A national honor granted in Canada to individuals for their outstanding achievements, dedication to the community, and service to the nation.

Means of Production

The resources—including tools, machinery, and raw materials—required to produce goods and services, often discussed in the context of ownership in theories of economics and socialism.

Industrial Technology

Relates to the application of engineering and manufacturing technology to make production faster, simpler, and more efficient.

Social Class

A division of a society based on social and economic status, influencing individuals' opportunities, lifestyles, attitudes, and behaviors.