A bountiful wheat harvest can be bad news for wheat farmers because the
a. supply curve for an individual wheat farmer is usually perfectly elastic
b. supply curve for an individual wheat farmer is usually perfectly inelastic.
c. demand for wheat is usually inelastic, meaning that factors that shift supply curve to the right decrease total revenues to sellers.
d. demand for basic wheat is usually elastic, meaning that factors that shift supply to the right increase total revenues to sellers.
c
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The word “theory” means the same to the scientist as it does to the man on the street.
Answer the following statement true (T) or false (F)
If the actual price level is lower than the expected price level, an economy will contract in the short run.
a. true b. false
One important consequence of the public debt in the United States is that:
A. incentives to work are increased. B. it transfers a portion of real output to foreign nations. C. there is greater saving at every level of disposable income. D. income inequality is reduced.