Multiple Choice
Which of the following might explain why farm revenues are higher in years of lower production due to bad weather?
A) Demand is more elastic than supply.
B) Supply is perfectly elastic.
C) Demand is relatively inelastic; a leftward shift in supply will increase total revenue.
D) Supply is relatively inelastic; a leftward shift in supply will increase total revenue.
E) None of the above.
Correct Answer:
Verified
Correct Answer:
Verified
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