Suppose that when the price of corn is $2 per bushel, farmers can sell 10 million bushels. When the price of corn is $3 per bushel, farmers can sell 8 million bushels. Which of the following statements is true?_________.
举一反三
- Which of the following describes comparative advantage? A: To produce a bushel of wheat Farmer John must give up 2 bushels of corn whereas Farmer Ben must give up 3 bushels of corn. B: Company A can produce 4 boxes of cereal in a day whereas Company B can produce 5 boxes of cereal in a day. C: Firm A can produce a good at a cost of $3 and Firm B can produce the good at a cost of $4. D: Jane can type 50 words per minute and Joe can type 60 words per minute.
- 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.
- If the market price of salmon is $8.99 per pound but the government will not allow salmon farmers to charge more than $4.99 per pound of salmon, which of the following will happen?
- Which of the following statements is NOT true about corn A: Corn is a kind of vegetable. B: Corn can be stored for a long time. C: Corn can be used to make alcohol. D: Corn is probably even more popular than potatoes all
- 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