How is it possible for a corn farmer to have a bumper crop season and yet make less income?
A)demand for corn is elastic.
B)demand for corn is inelastic.
C)demand for corn is unit elastic.
D)corn has lots of substitutes.

Question

Quizplus · Accepted Answer

If the demand for corn is inelastic, a bumper crop increases supply, leading to a significant drop in price, which may not be offset by the increase in quantity sold, resulting in lower total revenue.

How Is It Possible for a Corn Farmer to Have