Multiple Choice
If a drought increases the price of corn by 10% and decreases the quantity of corn demanded by 5%,then demand for corn is
A) elastic and total revenue to corn farmers will decrease.
B) inelastic and total revenue to corn farmers will decrease.
C) elastic and total revenue to corn farmers will increase.
D) inelastic and total revenue to corn farmers will increase.
Correct Answer:
Verified
Correct Answer:
Verified
Q43: Refer to the following figure.When quantity demanded
Q44: Refer to the following figure.At a price
Q45: If the price elasticity of demand for
Q46: Refer to the following figure.At a price
Q47: Refer to the following figure.The point elasticities
Q49: When marginal revenue is positive,<br>A)demand is elastic.<br>B)marginal
Q50: Refer to the following figure.At a price
Q51: To answer the question,refer to the
Q52: Refer to the following graph to answer
Q53: According to the following figure,marginal revenue is