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Farmers Often Find That Large Bumper Crops Are Associated with Declines

Question 293

Multiple Choice

Farmers often find that large bumper crops are associated with declines in their gross incomes. This suggests that


A) farm products are normal goods.
B) farm products are inferior goods.
C) the price elasticity of demand for farm products is less than 1.
D) the price elasticity of demand for farm products is greater than 1.

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