Multiple Choice
If the demand for an agricultural product is inelastic, a bumper crop will
A) raise price and decrease total revenues.
B) raise price and increase total revenues.
C) lower price and decrease total revenues.
D) lower price and increase total revenues.
Correct Answer:
Verified
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Q48: Q49: The price of a certain farm product Q50: The demand for most agricultural products is Q51: What percentage of their spending do U.S. Q52: In the United States, "farm products" are
A)elastic
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