Multiple Choice
The price of a foodstuff falls and the total revenue (received by farmers for selling the foodstuff) rises.What could explain this?
A) Increased supply and elastic demand.
B) Real income rises and the foodstuff is an inferior good.
C) Real income rises and the foodstuff is a normal good.
D) Increased supply and inelastic demand.
E) none of the above
Correct Answer:
Verified
Correct Answer:
Verified
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