If the Demand Curve for Wheat Is Inelastic, Then Total

question 210

Multiple Choice

If the demand curve for wheat is inelastic, then total farm income from wheat will be

• A) higher in years of low yields and lower in years of high yields.
• B) lower in years of low yields and higher in years of high yields.
• C) higher in years of falling prices.
• D) lower in years of rising prices.

Comprehend the basics of market equilibrium and how demand and supply determine market prices.

Analyze the role of market competition in maximizing total benefits to buyers and sellers.

Understand how public policy can affect market efficiency and address market failures.

Recognize the importance of willingness to pay in determining consumer surplus.

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