Which of the following best describes the agricultural sector for much of the 20th century and today?
A)high productivity,price elasticity of demand less than 1,income elasticity of demand greater than 1
B)low productivity,price elasticity of demand greater than 1,income elasticity of demand less than 1
C)high productivity,price elasticity of demand less than 1,income elasticity of demand less than 1
D)low productivity,price elasticity of demand less than 1,income elasticity of demand greater than 1

Question

Quizplus · Accepted Answer

The agricultural sector has experienced high productivity due to technological advancements and increases in efficiency. The price elasticity of demand for agricultural products is typically less than 1, which means that changes in price have a small effect on the quantity demanded. Similarly, the income elasticity of demand for agricultural products is also less than 1, indicating that increases in consumer income do not lead to a proportional increase in demand for agricultural goods.

Which of the Following Best Describes the Agricultural Sector for Much