What could explain the small increase in the equilibrium

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Reference no: EM131204149

Suppose the demand for wheat increased dramatically between 1950 and 2000 but the equilibrium quantity increased only slightly. Absent any other changes, what could explain the small increase in the equilibrium?

The equilibrium quantity of wheat could have increased only slightly given a dramatic increase in demand because:

A. Supply is relatively in elastic

B. the cross-price elasticity of demand is positive

C. The price elasticity of supply is equL to negative infinity

D. The income elasticity of demand is negative

E. The price elasticity of demand is infinity

Reference no: EM131204149

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