The Price Elasticity of Demand for Fresh Tomatoes Has Been

question 82

Multiple Choice

The price elasticity of demand for fresh tomatoes has been estimated to be 2.22.If a new insecticide and fertilizer treatment yields a 20% increase in the nation's fresh tomato crop,how will that affect total revenue from fresh tomatoes,all other things unchanged?

• A)Total revenue will remain unchanged.
• B)Total revenue will fall.
• C)Total revenue will rise.
• D)The information is insufficient to answer the question.

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Definitions:

Countercultures

Groups that reject the dominant societal norms and values, often creating their own cultural norms in opposition to mainstream culture.

Subcultures

Groups within a larger culture that differentiate themselves through distinct beliefs, values, and practices.

Mainstream Culture

The dominant set of cultural practices, beliefs, and values that are widely shared and accepted within a particular society.

Technology

The application of scientific knowledge for practical purposes, especially in industry and in our daily lives.