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According to the law of supply and demand farmers will obtain the highest price for their products when?
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Why did farmers destroy their products instead of selling the for a low price during the great depression?
To reduce supply/increase demand but with fewer products available, and thereby try to increase prices.
Products whose demand remains unchanged regardless of their price?
Such products have an inelastic demand.
How did the baby boom affect the US economy?
Growing families increased the demand for products.
Where is business demand often derived?
The nature of the demand for products differs from consumer demand because it is often derived from consumer demand.
What are examples of five products whose demand is price elastic and five products whose demand is price inelastic?
narcotics, food, gas
Why were the postwar years difficult for farmers?
because it decreased in demand for farm products
Why did farmers destroy their products instead of selling the for a low price during the great depression?
To reduce supply/increase demand but with fewer products available, and thereby try to increase prices.
How did supply and demand affect farmers?
The farmers did not earn much.
Why did demand for farm products go down after World War I?
During WWI, farmers were encouraged by the US government to increase their production to send their goods overseas for the nations at war. Essentially, American farmers were feeding European troops. When the war ended, there was no a longer demand for all the food, so farmers no longer needed to produce as much, hence why farm products went down after World War 1.
Products whose demand remains unchanged regardless of their price?
Such products have an inelastic demand.
Describes the situation of farmers in the 1920s?
Demand for crops fell as farmers' debts rose.
Describe the farmers situation in the 1920s?
Demand for crops fell as farmers' debts rose.
What describes the situation of farmers in 1920s?
Demand for crops fell as farmers' debts rose.
How did the baby boom affect the US economy?
Growing families increased the demand for products.
What were the goal of national grange?
Give communities a place to meet and organize farmers to demand political change.
Farmers often find that larger bumper crops ae associated with declines in the gross incomes this suggests that?
the price elasticity of demand for farm products is less than 1
What jobs are highest in demand?
welders
