In 2012, Canadian Farmers Did Not Suffer from Drought Conditions

question 165

Multiple Choice

In 2012, Canadian farmers did not suffer from drought conditions that affected the United States, but they did enjoy the higher corn prices. Canadian farmers reacted to the higher price by planting more corn. Suppose that the price of corn increased by 30 percent and the Canadian farmers increased the quantity of corn they supply by 20 percent. The supply of corn is

• A) perfectly inelastic.
• B) unit elastic.
• C) elastic.
• D) inelastic.

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Definitions:

Communication

The process of conveying information and meaning between individuals or groups through verbal, non-verbal, or written mediums.

Formal Lines

Established, structured communication channels within an organization, designated for official purposes and messages.

Authority

The authority or capability to issue commands, make choices, and ensure compliance.

Network Structure

An organizational model characterized by distributed power, decentralized decision-making, and a focus on connecting individuals and units as nodes in a larger network.