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Suppose That the Demand for Corn Is Price Inelastic

question 397

Multiple Choice

Suppose that the demand for corn is price inelastic. If a technological advance makes corn farms more productive, the equilibrium price of corn will ________ and the farmers' total revenue will ________.


Definitions:

ERG Theory

A theory in psychology proposed by Clayton Alderfer that categorizes human needs into three categories: Existence, Relatedness, and Growth, and suggests that these needs can be pursued simultaneously.

Activated Need

A psychological or physiological requirement that motivates behavior towards its fulfillment.

Hygiene Factors

In the job context are sources of job dissatisfaction.

Organizational Policies

The formal guidelines and rules established by an organization to govern actions and decisions in the workplace.

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