If increasing numbers of consumers decide to purchase organically farmed fruit rather than conventionally farmed fruit, how the market is likely to respond is: Conventional fruit profits will fall.
<h3>What is Conventionally farming?</h3>
Conventional farming can be defined as the process of farming fruits and vegetables.
Based on the given scenario in a situation were high number of consumer bought organic farmed fruit instead of conventional farmed fruit, this means that profit for conventional fruit will declined.
Therefore how the market is likely to respond is: Conventional fruit profits will fall.
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Answer:
Elastic demand means there is a substantial change in quantity demanded when another economic factor changes typically the price of the good or service, whereas inelastic demand means that there is only a slight or no change in quantity demanded of the good or service when another economic factor is changed.
Explanation:
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Technology including social media increase word of mouth. In some cases word of mouth via technology is known as word of mouse. Word of mouse changes the buying behavior of families.
