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.
A: price elastic.
B: price inelastic.
C: unitary elastic.
D: perfectly inelastic.
举一反三
- If corn farmers know that the demand for corn is inelastic, and they want to increase their total revenue, they should all
- 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.
- A vertical supply curve may be described as: A: relatively price elastic. B: perfectly price inelastic. C: relatively price inelastic. D: perfectly price elastic. E: none of the above are accurate descriptions.
- The demand for corn increases. As a result, the price of corn will ________, and the less elastic the supply of corn, the ________ will be the effect on the price. A: fall; smaller B: fall; greater C: rise; smaller D: rise; greater
- To maximize profit, the monopolist produces on the ________ portion of the demand curve where ________. A: elastic; price equals marginal cost B: elastic; marginal revenue equals marginal cost C: inelastic; price equals marginal revenue D: inelastic; marginal revenue equals marginal cost