If the demand curve for agricultural products is elastic and farmers as a group become more productive,then prices of agricultural goods will __________ and total revenue earned by farmers will __________.
A) decrease;increase
B) decrease;decrease
C) increase;increase
D) increase;decrease
E) We cannot answer this question without knowing how elastic the demand curve is.
Correct Answer:
Verified
Q2: Studies show that as real income has
Q3: Evidence seems to indicate that the demand
Q4: During much of the 20th century,agricultural product
Q5: If the demand curve for agricultural products
Q6: If the demand for a particular farm
Q7: With a price elasticity of demand of
Q8: If we assume that the income elasticity
Q9: Which of the following best describes the
Q10: During the twentieth century,the U.S.farm sector experienced
A)large
Q11: Increased productivity in the agricultural sector is
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