Suppose That When the Price of Wheat Is $2 Per

question 182

Multiple Choice

Suppose that when the price of wheat is $2 per bushel,farmers can sell 10 million bushels.When the price of wheat is $3 per bushel,farmers can sell 8 million bushels.Which of the following statements is true? The demand for wheat is

• A)income inelastic,so an increase in the price of wheat will increase the total revenue of wheat farmers.
• B)income elastic,so an increase in the price of wheat will increase the total revenue of wheat farmers.
• C)price inelastic,so an increase in the price of wheat will increase the total revenue of wheat farmers.
• D)price elastic,so an increase in the price of wheat will increase the total revenue of wheat farmers.

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