________: the change in total cost of production as the output or total product of the business is expanded

Why are inputs not included in the calculation of the gross domestic product?

What will be an ideal response?

A recent news report lamented the plight of corn farmers in Wisconsin due to a severe drought. Which of the following best describes the effect on corn farmers in Minnesota, where sufficient rainfall occurred?

a. Their revenue increases because price increases and demand is elastic. b. Their revenue increases because price increases and demand is inelastic. c. Their revenue decreases because price decreases and demand is inelastic. d. Their revenue decreases because price increases and demand is elastic.