Carefully evaluate: The supply and demand for agricultural products are such that small changes in agricultural supply

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Carefully evaluate: “The supply and demand for agricultural products are such that small changes in agricultural supply result in drastic changes in prices. However, large changes in agricultural prices have modest effects on agricultural output.” Do exports increase or reduce the instability of demand for farm products? Explain.

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Economics

ISBN: 978-0073375694

18th edition

Authors: Campbell R. McConnell, Stanley L. Brue, Sean M. Flynn

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