Multiple Choice
A recent news report lamented the plight of corn farmers in Wisconsin due to a severe drought.Which of the following best describes the effect on corn farmers in Minnesota,where sufficient rainfall occurred?
A) Their revenue increases because price increases and demand is elastic.
B) Their revenue increases because price increases and demand is inelastic.
C) Their revenue decreases because price decreases and demand is inelastic.
D) Their revenue decreases because price increases and demand is elastic.
Correct Answer:
Verified
Correct Answer:
Verified
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