The Discovery of a New Hybrid Wheat Would Increase the Supply

question 31

Multiple Choice

The discovery of a new hybrid wheat would increase the supply of wheat.As a result,wheat farmers would realize an increase in total revenue if the

• A)supply of wheat is elastic.
• B)supply of wheat is inelastic.
• C)demand for wheat is inelastic.
• D)demand for wheat is elastic.

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Definitions:

Opportunity Costs

Refers to the benefits or gains a person or organization misses out on when choosing one alternative over another.

Consumer Goods

Products bought and used by consumers rather than by manufacturers for producing other goods.

Capital Goods

Long-term assets used in the production of goods and services, such as machinery, buildings, and equipment.

Consumer Goods

Products that are bought for consumption by the average consumer.