Knowing That the Demand for Wheat Is Inelastic,if All Farmers

question 120

Multiple Choice

Knowing that the demand for wheat is inelastic,if all farmers voluntarily plowed under 10 percent of their wheat crop,then

• A)consumers of wheat would buy more wheat.
• B)wheat farmers would suffer a reduction in their total revenue.
• C)wheat farmers would experience an increase in their total revenue.
• D)the demand for wheat would decrease.

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Definitions:

Increase in Demand

A rise in the quantity of a good or service that consumers are willing and able to purchase at each price point.

Quantity Supplied

The quantity of a product or service that sellers are prepared and capable of offering for sale at a specific price point.

Equilibrium Price

Equilibrium Price is the price at which the quantity of a good or service demanded by consumers equals the quantity supplied by producers, leading to market stability.

Blue Pens

Writing instruments with ink of a blue color, commonly used for general writing tasks.