The Discovery of a New Hybrid Wheat Would Increase the Supply

question 399

Multiple Choice

The discovery of a new hybrid wheat would increase the supply of wheat.As a result,wheat farmers would realize an increase in total revenue if

• A) the supply of wheat is elastic.
• B) the supply of wheat is inelastic.
• C) the demand for wheat is inelastic.
• D) the demand for wheat is elastic.

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Definitions:

World Bank

An international financial institution that provides loans and grants to the governments of poor countries for the purpose of pursuing capital projects.

Accord and Satisfaction

A legal settlement where an agreement is made to satisfy a debt or claim, followed by the actual performance of this agreement, which discharges the original claim.

Accord and Satisfaction

A legal agreement where a dispute is settled by the parties involved, wherein one agrees to accept less than what's owed and the other agrees to forgive the remainder.

Past Consideration

In contract law, the concept that an act or benefit provided before and independently of a promise does not constitute valid consideration for the promise.