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14) Since 1950 there has been a substantial increase in wheat production. The increase in
production has led to a decrease in the price of wheat because of which of the following
factors?
A) The absolute value of the price elasticity of demand for wheat is less than 1, and
the income elasticity of demand for wheat is greater than 1.
B) The absolute value of the price elasticity of demand for wheat is less than 1, and
the income elasticity of demand for wheat
is low.
C) The absolute value of the price elasticity of demand for wheat is greater than 1,
and wheat is a close substitute for other food products.
D) The income elasticity of demand for wheat is high, and wheat is an inferior good.
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Terms in this set (37)
Facing stiff competition, Hendrix College, a small liberal arts institution in Conway, Ark., decided two years ago to bolster its academic offerings, promising students at least three hands-on experiences outside the classroom, including research, internships and service projects. Although it raised tuition and fees by 29 percent, enrollment in the freshman class rose by
37 percent.
Source: Jonathan D. Glater and Alan Finder, "In New Twist on Tuition Game, Popularity Rises With the Price," New York Times, December 12, 2006
Based on the information above, the demand for Hendrix College education is
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