The price of corn in Mexico has fallen more than 70 percent 1994, which some attribute to
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The price of corn in Mexico has fallen more than 70 percent 1994, which some attribute to an increase in the supply of corn from the U.S. to Mexico. If the incomes of corn farmers in Mexico have fallen as a result of this price decrease, the elasticity of demand for corn in Mexico must be ________
a. Relatively elastic.
b. Relatively inelastic.
c. Perfectly elastic.
d. Unknown, since we don't know the price of corn.
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Related Book For 
Introduction To Economics Social Issues And Economic Thinking
ISBN: 9780470574782
1st Edition
Authors: Wendy A. Stock
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