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

question 46

Multiple Choice

Knowing that the demand for wheat is inelastic,if all farmers voluntarily cut back 10 percent of their wheat crop,what would happen

• A)Consumers of wheat would buy more wheat.
• B)Wheat farmers would suffer a reduction in their revenue.
• C)Wheat farmers would increase their revenue.
• D)The demand for wheat would decrease.

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Definitions:

Containers Refurbished

The process of cleaning, repairing, and restoring used containers to a usable condition for the same or a new purpose.

Other Expenses

Costs not directly tied to the production of goods or services, including administrative and office expenses.

Flexible Budget

A budget that adjusts or flexes with changes in volume or activity levels of the company.

Administrative Expenses

Administrative expenses are the costs associated with the general administration of a business, such as salaries of executive officers, legal and accounting fees, and office supplies.