Multiple Choice
If the demand for corn is elastic,then:
A) there are not many substitutes in the consumption of corn.
B) the price elasticity of demand for corn is greater than 1.
C) a decrease in price will reduce total revenue for corn producers.
D) a decrease in price will increase total revenue for corn producers.
E) consumers will continue buying the same quantity even if price increases.
Correct Answer:
Verified
Correct Answer:
Verified
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