Multiple Choice
Suppose farmers get together and decide to be less productive.They want to do this so that they can shift the supply curve of farm products leftward and raise the price.They must be assuming that the demand curve between the current price and the higher price is
A) inelastic.
B) elastic.
C) unit elastic.
D) There is not enough information to answer this question.
Correct Answer:
Verified
Correct Answer:
Verified
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