Question

According to economic theory, if farmers find that large bumper crops lead to declines in their gross incomes this suggests that: the price elasticity of demand for farm products is less than 1. the price elasticity of demand for farm products is greater than 1. farm products are normal goods. farm products are inferior goods.

Answer 1

Farm products are typically referred to as commodities.  Which would classify them as a normal good to be bought or sold. There is the Chicago Commodity Exchange which allows companies to buy future crops at a contracted price today to be delivered at a future date by the farmer.