As a rule, demand for agricultural products tends to be highly elastic while long-
term supply is inelastic.

Name: As a rule, demand for agricultural products tends to be highly elastic while long- term supply is inelastic.
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Question

As a rule, demand for agricultural products tends to be highly elastic while long-
 term supply is inelastic.

Quizplus · Accepted Answer

Demand for agricultural products tends to be inelastic because people need to consume a certain amount of food regardless of price changes, while long-term supply can be elastic as farmers and producers adjust their production levels based on price changes over time.

As a Rule, Demand for Agricultural Products Tends to Be