Suppose that the demand for olive oil is highly inelastic. Also suppose that the supply of olive oil is fixed for the year. If the demand for olive oil suddenly increases because of a shortage of corn oil, you would expect a in the price of olive oil.
a. Large increase.
b. Small increase.
c. Large decrease.
d. Small decrease.
e. No change.
2. Use supply and demand curves to depict equilibrium price and output in a competitive market for some farm product. Then show how an above-equilibrium price floor (price support) would cause a surplus in this market. Demonstrate in your graph how government could reduce the surplus through a policy that (a) changes supply or (b) changes demand. Identify each of the following actual government policies as primarily affecting the supply of or the demand for a particular farm product: acreage allotments; the food-stamp program; the Food for Peace program; a government buyout of dairy herds; export promotion.
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