Suppose a frost destroys the alfalfa crop in Manitoba but farmers see an increase in their revenues.Which of the following best explains this?
A)The decrease in supply led to huge price increases.
B)Alfalfa is a necessity.
C)The demand for alfalfa is price inelastic.
D)The cross-price elasticity between alfalfa and most other substitute sprouts is very low.

Question

Quizplus · Accepted Answer

The Answer of Suppose a frost destroys the alfalfa crop in Manitoba but farmers see an increase in their revenues.Which of the following best explains this?
A)The decrease in supply led to huge price increases.
B)Alfalfa is a necessity.
C)The demand for alfalfa is price inelastic.
D)The cross-price elasticity between alfalfa and most other substitute sprouts is very low.

Suppose a Frost Destroys the Alfalfa Crop in Manitoba but Farmers