Multiple Choice
If soybean farmers know that the demand for soybeans is inelastic,and they want to increase their total revenue,what should they all do
A) They should plant more soybeans so that they would be able to sell more each year.
B) They should increase spending on fertilizer in an attempt to produce more on the acres they farm.
C) They should reduce the number of acres they plant in soybeans.
D) They should use better machinery.
Correct Answer:

Verified
Correct Answer:
Verified
Q163: How does total revenue change as one
Q164: On a downward-sloping linear demand curve,where would
Q165: The discovery of a new hybrid wheat
Q166: What is the demand for coffee at
Q167: Moving down a linear demand curve,what happens
Q169: Figure 5-3<br> <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB1272/.jpg" alt="Figure 5-3
Q170: Suppose that when the price of corn
Q171: Suppose the price elasticity of demand for
Q172: If a 30 percent change in price
Q173: When does an increase in price cause