Given an inelastic demand for agricultural output, a decrease in supply will lead to an increase in farm income (taken collectively).

Name: Given an inelastic demand for agricultural output, a decrease in supply will lead to an increase in farm income (taken collectively).
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With an inelastic demand, a decrease in supply would lead to a proportionally larger increase in price. This increase in price would result in an increase in farm income, as farmers would be receiving more money for their products.

Given an Inelastic Demand for Agricultural Output, a Decrease in Supply