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Posted by on Monday, June 9, 2008 at 12:59pm.

. 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.

  • Economics - , Monday, June 9, 2008 at 5:24pm

    Take a shot, what do you think?
    Hint: draw supply and demand graphs, compare a graphs where demand is highly elastic (almost flat) vs highly inelastic (almost vertical)
    Hint: question has nothing do do with the incomes of consumers; eliminate C.

  • Economics - , Wednesday, November 23, 2016 at 12:44pm

    its A

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