Asked by
Sweta Uraon
on Nov 25, 2024
Verified
In the immediate market period for a highly perishable crop like tomatoes, the individual farmer's supply curve tends to be
A) perfectly inelastic.
B) perfectly elastic.
C) quite flat.
D) downward-sloping.
Perishable Crop
Agricultural products that have a short shelf life and can spoil or decay quickly, requiring timely sale and consumption.
Perfectly Inelastic
A situation in market demand where the quantity demanded does not change regardless of changes in the product's price.
Supply Curve
A graphical representation showing the relationship between the price of a product and the quantity of the product that a supplier is willing to make available.
- Absorb the fundamentals of supply and demand's price elasticity.
- Differentiate between short-run and long-run elasticity in various markets.
Verified Answer
IG
Learning Objectives
- Absorb the fundamentals of supply and demand's price elasticity.
- Differentiate between short-run and long-run elasticity in various markets.