25. The instability of the prices of farm products (e.g., corn) can be explained as the result of a. the highly elastic demand for such goods. b. variations in weather and the highly inelastic demand for such goods. c. the high income elasticity of demand for such goods and governmental price controls. d. none of the above

25. The instability of the prices of farm products (e.g., corn) can be explained as the result of a. the highly elastic demand for such goods. b. variations in weather and the highly inelastic demand for such goods. c. the high income elasticity of demand for such goods and governmental price controls. d. none of the above

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter5: Elastic And Its Application

Section: Chapter Questions

Problem 9QR

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