Suppose a Decrease in the Supply of Wheat Results in an Increase

question 4

Multiple Choice

Suppose a decrease in the supply of wheat results in an increase in revenue.This indicates that

• A)the decrease in quantity sold is proportionately larger than the resulting change in price.
• B)the resulting increase in price is proportionately greater than decrease in quantity sold.
• C)the demand curve for wheat must be vertical.
• D)the supply curve for wheat must be vertical.

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Definitions:

Elemental Symbol

A letter or combination of letters representing a chemical element in the periodic table.

Ruthenium

A rare transition metal belonging to the platinum group of the periodic table, with the symbol Ru and atomic number 44.

Elemental Symbol

A one- or two-letter notation derived from the name of an element, used to represent it in chemical formulas and equations.

Rubidium

A soft, silvery-white metallic element, symbol Rb, used in research and in manufacturing specialty glasses.