Business, 06.01.2020 19:31 jamyiaa93

The demand for agricultural products is inelastic, and the income elasticity of demand for agricultural products is low. how do these facts explain the disappearing family farm? the family farm has been disappearing

a, the demand for food has not changed with increases in income, and increases in the supply of food have resulted in significant decreases in food prices.
b. the demand for food has not increased proportionally with increases in income, and increases in the supply of food have resulted in significant decreases in food prices °
c. the demand for food has decreased with increases in income, and increases in the supply of food have resulted in significant increases in food prices.
d. the demand for food has decreased with decreases in income, and increases in the supply of food have resulted in significant decreases in food prices.
e, the demand for food has not increased proportionally with increases in income, and increases in the supply of food have resulted in food prices increasing by less than income

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The demand for agricultural products is inelastic, and the income elasticity of demand for agricultu...