Suppose land suitable for wheat production is highly inelastic. An increase in the demand for wheat bread will most likely
a. cause the prices of bread and wheat to increase but not affect the incomes paid to owners of wheat-growing land.
b. shift the demand curve for bread to the right and the supply curve for wheat to the left.
c. raise the price of land suitable for wheat production.
d. depress the incomes of owners of wheat growing land.
C
Economics
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The value of the output produced in an economy reflects the value of the income generated by the factors of production used to produce that output
Indicate whether the statement is true or false
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