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

question 4

Multiple Choice

Knowing that the demand for wheat is inelastic,if all farmers voluntarily did not plant wheat on 10 percent of their land,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:

Privity Of Contract

A principle stating that only the parties involved in a contract have the rights and obligations under that contract.

Market Share Theory

A principle that assigns liability to manufacturers based on their market share of a harmful product when the specific source of harm cannot be identified.

Tortfeasors

Individuals or entities that have committed a tort, which is a civil wrong or injury that can be redressed by awarding damages.

Allegedly Harmful Products

Allegedly harmful products are goods reported or claimed to cause damage or injury, often subject to investigation or legal action to ascertain liability.