If corn farmers know that the demand for corn is inelastic, and they want to increase their total revenue, they should all
举一反三
- If corn farmers know that the demand for corn is inelastic, and they<br/>want to increase their total revenue, they should all: () A: plant<br/>more corn so that they would be able to sell more each year. B: increase<br/>spending on fertilizer in an attempt to produce more corn on the<br/>acres they farm. C: reduce<br/>the number of acres they plant in corn. D: contribute<br/>to a fund that promotes technological advances in corn production.
- Suppose that corn farmers want to increase their total revenue. Knowing that the demand for corn is inelastic, corn farmers should 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 on which they plant corn. D: contribute to a fund that promotes technological advances in corn production.
- As a result of running high temperature this summer in the south of China, the corn crop declined sharply. If corn growers experienced an increase in sales revenue, the demand for corn must be ( ) A: price elastic. B: price inelastic. C: unitary elastic. D: perfectly inelastic.
- Which of the following would increase the supply of corn? A: a decrease in the price of wheat B: an increase in the price of pesticides C: a severe drought in the corn belt D: a decrease in the demand for corn E: a fall in the price of corn
- An increase in price causes an increase in total revenue when: () A: demand<br/>is elastic. B: demand<br/>is inelastic. C: demand<br/>is unit elastic. D: All<br/>of the above are possible.