Because the Demand for Wheat Tends to Be Inelastic,the Development

question 39

Multiple Choice

Because the demand for wheat tends to be inelastic,the development of a new,more productive hybrid wheat would tend to

• A)increase the total revenue of wheat farmers.
• B)decrease the total revenue of wheat farmers.
• C)decrease the demand for wheat.
• D)decrease the supply of wheat.

---

Definitions:

Job Cost Sheets

Documents that track the direct materials, direct labor, and manufacturing overhead for a specific job, used in job costing systems.

Direct Labor

Costs associated with the labor directly involved in the production of goods or services.

Job Cost Sheets

Detailed records used in cost accounting to accumulate all costs associated with a specific job or project.

Work In Process

Inventory items that are in the process of being produced but are not yet complete.