The price elasticity of demand for many agricultural products is (absolute value)less than 1,meaning that these products are inelastic in demand.

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This statement is true. Inelastic demand means that a change in price of the product will result in a proportionally smaller change in the quantity demanded. Many agricultural products have fewer substitutes available, and consumers tend to view them as necessities, which makes the demand for these products less responsive to changes in price. Therefore, the price elasticity of demand for many agricultural products is often less than 1, indicating inelastic demand.

The Price Elasticity of Demand for Many Agricultural Products Is