Final answer:
The demand for Cynthia's wheat in Oklahoma is 'c. Inelastic but not perfectly inelastic', meaning it has some sensitivity to price changes but is not significant due to its nature as a necessity with few substitutes. The correct option is c. Inelastic but not perfectly inelastic.
Step-by-step explanation:
The demand for Cynthia's wheat as an Oklahoma wheat farmer can be best described using concepts of price elasticity of demand. When considering the characteristics of wheat, it is a necessity with few immediate substitutes which indicates that the demand is likely to be inelastic but not perfectly inelastic.
While the price changes may affect the demand to a degree, wheat as an essential good will not have its demand change drastically. Perfectly inelastic demand would imply no change in quantity demanded regardless of price changes, which is not realistic for most goods, including wheat.
In contrast, perfectly elastic demand reflects a situation where any price increase would drop the quantity demanded to zero, which again is not consistent with essential commodities like wheat.
Therefore, the most suitable choice would be 'c. Inelastic but not perfectly inelastic', showing that there is some effect of price on demand but it is relatively small. The correct option is c. Inelastic but not perfectly inelastic.