A bumper crop of a specific agricultural product will result in
A)lower prices and decreases in total revenue.
B)higher prices and increases in total revenue.
C)lower prices and increases in total revenue.
D)higher prices and decreases in total revenue.

Question

Quizplus · Accepted Answer

A bumper crop increases the supply of the product, leading to lower prices. If the price decrease is not fully compensated by an increase in quantity sold, total revenue decreases.

A Bumper Crop of a Specific Agricultural Product Will Result