Which of the Following Statements Represents a Correct Sequence of Events

question 130

Multiple Choice

Which of the following statements represents a correct sequence of events?

• A)Productivity rises in the agriculture sector,the supply curve of foodstuffs shifts to the left,price rises,and total revenue rises assuming demand is inelastic.
• B)Productivity rises in the agriculture sector,the supply curve of foodstuffs shifts to the right,price rises,and total revenue rises assuming demand is inelastic.
• C)Productivity rises in the agriculture sector,the supply curve of foodstuffs shifts to the right,price falls,and total revenue falls assuming demand is elastic.
• D)Productivity rises in the agriculture sector,the supply curve of foodstuffs shifts to the left,price falls,and total revenue rises assuming demand is elastic.
• E)none of the above

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Definitions:

Durable Goods

are items with a long life expectancy, such as automobiles, furniture, and appliances, typically used over years rather than consumed quickly.

Disposable Income

The accessible funds for households intended for saving and spending, after subtracting taxes on income.

Induced Consumption

Consumption that varies directly with income, indicating how consumer spending increases as income rises.

Disposable Income

The wealth households have at their disposal for spending and saving post-income tax evaluations.