Multiple Choice
Suppose that when the price of wheat is $2 per bushel,farmers can sell 10 million bushels.When the price of wheat is $3 per bushel,farmers can sell 8 million bushels.Which of the following statements is true? The demand for wheat is
A) income inelastic,so an increase in the price of wheat will increase the total revenue of wheat farmers.
B) income elastic,so an increase in the price of wheat will increase the total revenue of wheat farmers.
C) price inelastic,so an increase in the price of wheat will increase the total revenue of wheat farmers.
D) price elastic,so an increase in the price of wheat will increase the total revenue of wheat farmers.
Correct Answer:
Verified
Correct Answer:
Verified
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