GCEAgricultural ScienceAgricultural Economics2022

In agricultural economics, the term 'elasticity of demand' measures the

Aability of farmers to supply more produce when prices rise
Bresponsiveness of quantity demanded to a change in priceCORRECT
Ctotal revenue earned by farmers from the sale of produce
Drate at which agricultural land appreciates in value
AI
Toaster Teacher
Why the answer is B, and why the others tempt you.
Elasticity of demand measures how responsive or sensitive the quantity demanded of a good is to a change in its price. If a small change in price leads to a large change in quantity demanded, demand is said to be elastic. This concept helps farmers and marketers understand consumer behaviour.
Want this in Pidgin, Yoruba, Igbo or Hausa? Sign up free →

Practice more Agricultural Science questions

GCE Agricultural Science has thousands more questions like this — with Worked answers on every one.

Start practicing free →See all Agricultural Science questions