Asked by Akeim Potter on Jul 16, 2024
Verified
If the quantity demanded of agricultural output is very unresponsive to a fall in price,the demand for agricultural output is:
A) price-elastic.
B) price-inelastic.
C) positively sloped.
D) horizontal.
Agricultural Output
The total quantity of agricultural products, such as crops and livestock, produced in a given period.
Quantity Demanded
The total amount of a good or service that consumers are willing and able to purchase at a given price in a specified period.
- Analyze the divergences between elastic, inelastic, unit elastic, perfectly elastic, and perfectly inelastic in terms of price elasticity.
Verified Answer
NS
Nicole Smith-FarinaJul 23, 2024
Final Answer :
B
Explanation :
If the quantity demanded of agricultural output is very unresponsive to a fall in price, it means that the percentage change in quantity demanded is less than the percentage change in price. This indicates that the demand for agricultural output is price-inelastic.
Learning Objectives
- Analyze the divergences between elastic, inelastic, unit elastic, perfectly elastic, and perfectly inelastic in terms of price elasticity.