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
A
Economics
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Crops produced entirely for the market are known as
(a) basic crops. (b) mixed crops. (c) hybrid crops. (d) cash crops.
Economics
The demand for a monopoly's output is p = 200 - Q. The monopoly's production function is Q = 2L, and the market wage is $4. How many units of labor will the monopolist employ at its profit maximization level of output?
A) L = 49.5 B) L = 4623 C) L = 198 D) L = 10
Economics