If Soybean Farmers Know That the Demand for Soybeans Is

question 10

Multiple Choice

If soybean farmers know that the demand for soybeans is inelastic,in order to increase their total revenues they should

• A)use more fertilizers and weed killers to increase their yields.
• B)plant additional acres to increase their output.
• C)reduce the number of acres they plant to decrease their output.
• D)Both a and b are correct.

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Definitions:

Democracy

A system of rule where the power lies with the citizens, either directly or through their elected delegates.

Property

Legal rights or interests that allow the ownership, use, and control of assets like land, buildings, or personal items.

James Madison

An American statesman, diplomat, expansionist, philosopher, and Founding Father who served as the fourth President of the United States from 1809 to 1817, known as the "Father of the Constitution" for his pivotal role in drafting and promoting the U.S. Constitution.

Anti-Federalists

Individuals or groups who opposed the adoption of the U.S. Constitution, advocating for a weaker central government in favor of stronger state governments.