If the demand curve for agricultural products is inelastic,then it would be in the best interest of farmers as a group to
A)increase output and thereby receive greater revenues.
B)cause the price of their product to decrease.
C)find some way to decrease the quantities of output that are placed on the market for sale.
D)petition the government to find a way to decrease the demand for their product.
E)a and b

Question

Quizplus · Accepted Answer

When demand is inelastic, a decrease in supply (or output) can lead to higher prices and increased total revenue for farmers.

If the Demand Curve for Agricultural Products Is Inelastic,then It