Author Question: When agricultural production increases, the total amount paid for agricultural products tends to a. ... (Read 106 times)

nummyann · **on:** Jul 1, 2018

When agricultural production increases, the total amount paid for agricultural products tends to
a. increase because demand is price elastic
b. decrease because demand is price elastic
c. increase because demand is price inelastic
d. decrease because demand is price inelastic
e. remain constant because demand is price inelastic

Question 2

Based on what you know about the determinants of price elasticiyt, the demands for agricultural products, like, wheat, soybeans, milk, and eggs tend to be
a. price inelastic
b. price elastic
c. price inelastic only in the long run
d. price elastic only in the short run
e. price elastic only in the long run