Because the demand for wheat tends to be inelastic,the development of a new,more productive hybrid wheat would tend to
A)increase the total revenue of wheat farmers.
B)decrease the total revenue of wheat farmers.
C)decrease the demand for wheat.
D)decrease the supply of wheat.

Question

Quizplus · Accepted Answer

When demand is inelastic, an increase in supply (due to the new hybrid wheat) will lead to a decrease in price, which will reduce total revenue for wheat farmers.

Because the Demand for Wheat Tends to Be Inelastic,the Development