in country a, the price of wheat has increased greatly over the past year. because of this change, farmers…

in country a, the price of wheat has increased greatly over the past year. because of this change, farmers in country a are planning to grow more wheat in the next few years. in the sample scenario, what does this mean about the elasticity of wheat in relation to supply? wheat is relatively inelastic. wheat is elastic. wheat is inelastic. wheat is relatively elastic.

in country a, the price of wheat has increased greatly over the past year. because of this change, farmers in country a are planning to grow more wheat in the next few years. in the sample scenario, what does this mean about the elasticity of wheat in relation to supply? wheat is relatively inelastic. wheat is elastic. wheat is inelastic. wheat is relatively elastic.

Answer

Brief Explanations:

Elasticity of supply measures how responsive the quantity supplied is to a change in price. When farmers can quickly increase production in response to a price - increase (as in the case where they plan to grow more wheat soon due to a price rise), it indicates that the supply is relatively elastic.

Answer:

Wheat is relatively elastic.