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Teaching Since: Apr 2017
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    Northwest Florida State College
    Jun-1992 - May-1997

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    Northwest Florida State College,
    Aug-2006 - Nov-2015

Category > Economics Posted 05 May 2017 My Price 9.00

The demand for agricultural output is price inelastic

The demand for agricultural output is price inelastic. This means that if farmers, taken collectively, have a bumper crop, they will experience:

The demand for agricultural output is price inelastic. This means that if farmers, taken collectively, have a bumper crop, they will experience,
a. lower price, greater quantities sold, and lower incomes
b. higher prices, greater quantities sold, and higher incomes
c. Lower prices, lower quantities sold, and lower incomes
d. Higher prices, higher quantities sold, and higher incomes.

My answer is B

Along the upper end of a linear demand curve, the price elasticity of demand will be
a. price inelastic
b. price elastic
c. unit-price elastic
d. positive

Answer is B

Which of the following is not a factor in determining the price elasticity of demand?
a. the number of available substitutes
b. the tie period involved
c. the proportion of the budget spent on the item
d. the slope of the supply curve.

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Status NEW Posted 05 May 2017 12:05 PM My Price 9.00

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