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jujubee600 jujubee600
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5 years ago

Question 1.

Between 1950 and 2017, the number of acres devoted to wheat production in the United States ________ and the price of wheat ________.

• declined; decreased

• more than doubled; increased by about 50 percent

• declined; more than doubled

• increased; more than doubled

Question 2.

The price of wheat has fallen since 1950. Which of the following explains this price decline?

• The price elasticity of demand is less than 1 (in absolute value) and the income elasticity of demand for wheat is low.

• The price elasticity of demand is greater than 1 (in absolute value) and the income elasticity of demand for wheat is low.

• The price elasticity of demand is less than 1 (in absolute value) and wheat is an inferior good.

• The price elasticity of demand is greater than 1 (in absolute value) and the income elasticity of demand for wheat is greater than 1.
Textbook 
Microeconomics

Microeconomics


Edition: 7th
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Kailz1218Kailz1218
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5 years ago
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