Homework Help: econ

Posted by Jeff on Sunday, March 13, 2011 at 2:58pm.

A bumper crop of farm products causes:
1)
only a slight decline in the price of farm products because the demand for farm products is income inelastic.
2)
a large decline in the price of farm products because the demand for farm products is price inelastic.
3)
only a slight decline in the price of farm products because the demand for farm products is income elastic.
4)
a large decline in the price of farm products because the demand for farm products is price elastic.

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