A bumper crop of farm products causes:

Question

1)
only a slight decline in the price of farm products because the demand for farm products is income inelastic.
2)
a large decline in the price of farm products because the demand for farm products is price inelastic.
3)
only a slight decline in the price of farm products because the demand for farm products is income elastic.
4)
a large decline in the price of farm products because the demand for farm products is price elastic.