25. The instability of the prices of farm products (e.g., corn) can be explained as the result of a. the highly elastic demand for such goods. b. variations in weather and the highly inelastic demand for such goods. c. the high income elasticity of demand for such goods and governmental price controls. d. none of the above

25. The instability of the prices of farm products (e.g., corn) can be explained as the result of a. the highly elastic demand for such goods. b. variations in weather and the highly inelastic demand for such goods. c. the high income elasticity of demand for such goods and governmental price controls. d. none of the above

ECON MICRO

5th Edition

ISBN:9781337000536

Author:William A. McEachern

Publisher:William A. McEachern

Chapter4: Demand, Supply, And Markets

Section: Chapter Questions

Problem 3.4P

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Question

25. The instability of the prices of farm products (e.g., corn) can be explained as the result of
a. the highly elastic demand for such goods.
b. variations in weather and the highly inelastic demand for such goods.
c. the high income elasticity of demand for such goods and governmental price controls.
d. none of the above

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