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Suppose the Price Elasticity of Demand for Blueberries Is 1

question 167

Essay

Suppose the price elasticity of demand for blueberries is 1.5.If climate change destroys one-fourth of the nation's blueberry crop (and thus reduces supply), how will that affect total revenue, all other things unchanged?
A.Total revenue will rise.
B.Total revenue will fall.
C.Total revenue will remain unchanged.
D.Not enough information is given to answer the question.


Definitions:

Root Apical Meristem

The region at the tips of roots in plants where cells are continuously dividing, allowing roots to grow and extend into the soil.

Pfr

A form of the phytochrome, a photoreceptor protein in plants, that is active in red and far-red light for regulating plant growth.

Far-Red Light

Far-red light refers to the deep red light near infrared, with wavelengths between 700nm and 800nm, important in plant photomorphogenesis.

Ethylene

A hydrocarbon gas (C2H4) that acts as a plant hormone, regulating a wide range of processes including fruit ripening and leaf senescence.

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