If Soybean Farmers Know That the Demand for Soybeans Is

question 221

Multiple Choice

If soybean farmers know that the demand for soybeans is price inelastic,in order to increase their total revenues they should

• A) use more fertilizers and weed killers to increase their yields.
• B) plant additional acres to increase their output.
• C) reduce the number of acres they plant to decrease their output.
• D) Both a and b are correct.

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Definitions:

Return on Investment

A measure of the profitability of an investment, calculating the ratio of net profits to initial investment costs.

Employee Training

Educational programs and activities designed to enhance the skills, knowledge, and performance of employees.

Product Diversity

The range of different products or services offered by a company, contributing to business resilience and market appeal.

Human Skills

Interpersonal skills that enable a manager to work effectively with and through people; the ability to communicate with, motivate, and lead employees to accomplish assigned activities.