Suppose a frost destroys the tomato crop in California but farmers see an increase in their revenues. Which of the following best explains this? a) Tomatoes are necessities. b) The decrease in supply led to huge price increases. c) The demand for tomatoes is price inelastic d) The cross-price elasticity between tomatoes and most other substitute vegetables is very low
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Home » Business » Suppose a frost destroys the tomato crop in California but farmers see an increase in their revenues. Which of the following best explains this? a) Tomatoes are necessities. b) The decrease in supply led to huge price increases.