Answer :
When the demand for wheat tends to be inelastic, the development of a new, more productive hybrid wheat would tend to decrease.
What is inelastic demand?
- "Inelastic" is an economic term that refers to static quantities of goods or services as prices change.
- Inelastic demand means that consumers' buying habits stay roughly the same when prices rise and consumers' buying habits stay roughly the same when prices fall.
- Inelasticity refers to static quantities as prices of goods and services change.
- Demand inelasticity means that consumers' purchasing habits remain roughly the same when the price of a good or service rises, and consumers' buying habits stay roughly the same when prices fall. means
- A perfectly inelastic good is one whose demand does not change regardless of price. However, such goods and services are not completely inelastic.
- Inelastic contrasts with elastic, the latter of which demand changes significantly with price changes.
- Essentials such as medicines are considered inelastic, while luxury goods such as cruise ships and luxury watches are considered resilient.
Thus, when the demand for wheat becomes inelastic production Decreases because of certain reasons stated above.
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