If the Demand Curve for Agricultural Products Is Elastic and Farmers

question 32

Multiple Choice

If the demand curve for agricultural products is elastic and farmers as a group become more productive,then prices of agricultural goods will __________ and total revenue earned by farmers will __________.

• A)decrease;increase
• B)decrease;decrease
• C)increase;increase
• D)increase;decrease
• E)We cannot answer this question without knowing how elastic the demand curve is.

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Definitions:

Deceptively Similar

Pertaining to two or more items or elements so closely resembling each other that it may mislead or cause confusion.

Natural Person

A natural person is a human being, legally recognized as an individual capable of rights and obligations, as opposed to a legal entity like a corporation.

Association

An organized group of people who share a common interest, activity or purpose.

Estate

represents a person's net worth, including all property, possessions, and financial assets, often considered in the context of wills and inheritance.