Which of the following combinations of factors comes closest to describing the situation in agriculture?
A)elastic demand for agricultural products and large swings in supply
B)elastic demand for agricultural products and small swings in supply
C)inelastic demand for agricultural products and constant supply
D)inelastic demand for agricultural products and large swings in supply
E)none of the above

Question

Quizplus · Accepted Answer

Inelastic demand for agricultural products means that changes in price have little effect on the quantity demanded. Large swings in supply refer to fluctuations in the amount of crops produced due to factors like weather, pests, and disease. This is a common situation in agriculture, as weather patterns and natural disasters can greatly impact crop yields.

Which of the Following Combinations of Factors Comes Closest to Describing