Suppose That the Demand for Corn Is Price Inelastic

question 397

Multiple Choice

Suppose that the demand for corn is price inelastic. If a technological advance makes corn farms more productive, the equilibrium price of corn will ________ and the farmers' total revenue will ________.

• A) rise; increase
• B) rise; decrease
• C) fall; increase
• D) fall; decrease

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Definitions:

WMS

A Warehouse Management System, software that supports the day-to-day operations in a warehouse by managing and optimizing inventory, picking processes, and shipping.

Database

An organized collection of data, generally stored and accessed electronically from a computer system, designed for efficient retrieval and management of information.

Interior Layout

The arrangement of fixtures, equipment, and spaces within a building or space to optimize workflow and efficiency.

Slotting Principles

Guidelines used in warehouse management for determining the most efficient placement of goods to optimize retrieval and storage.