The income elasticity demand for farm products is _____________.

high in India

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no demand at all

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very low in India

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high supply and no demand

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Solution

The correct option is C very low in India
Farm produce provides necessary commodities, which are consumed to fulfill the needs of the individual/household irrespective of the income level. The demand for necessities thus, is generally inelastic in nature.

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The income elasticity demand for farm products is _____________.

The correct option is C very low in IndiaFarm produce provides necessary commodities, which are consumed to fulfill the needs of the individual/household irrespective of the income level. The demand for necessities thus, is generally inelastic in nature.

The correct option is C very low in India
Farm produce provides necessary commodities, which are consumed to fulfill the needs of the individual/household irrespective of the income level. The demand for necessities thus, is generally inelastic in nature.