If corn farmers know that the demand for corn is inelastic,and they want to increase their total revenue,they should all
A) plant more corn so that they would be able to sell more each year.
B) increase spending on fertilizer in an attempt to produce more corn on the acres they farm.
C) reduce the number of acres they plant in corn.
D) contribute to a fund that promotes technological advances in corn production.

Question

Quizplus · Accepted Answer

Since the demand for corn is inelastic, increasing the quantity of corn produced will not significantly increase the total revenue for the corn farmers. Instead, reducing the number of acres they plant in corn will reduce the supply of corn, which may lead to an increase in price, and hence increase their total revenue.

If Corn Farmers Know That the Demand for Corn Is