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:

Cultural System

An organized collection of symbols, values, norms, and practices shared by a group, which guides behavior and influences social life.

Sanction

Measures taken by countries or international bodies to penalize others for certain behaviors or actions, often involving trade restrictions or economic penalties.

Social Control

Mechanisms, strategies, and institutions by which societies attempt to regulate individual behavior to maintain order and conformity.

Evolutionary Psychology

A theoretical approach in the social and natural sciences that examines psychological structure from a modern evolutionary perspective.