The discovery of a new hybrid wheat would increase the supply of wheat. As a result, wheat farmers would realize an increase in total revenue if the
a. supply of wheat is elastic.
b. supply of wheat is inelastic.
c. demand for wheat is inelastic.
d. demand for wheat is elastic.
d
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Which of the following is true? a. Economic reasoning implies that individuals will acquire all possible information about a choice before making it. b. It is not rational for people to make decisions that could turn out to be mistaken
c. Reducing information costs to consumers and suppliers could permit more intelligent market decisions and lead to greater satisfaction. d. Occupational licensing laws generally act to protect misinformed consumers from getting shoddy services and enhances competition, leading to lower prices.
A cost imposed on people other than the consumers of a good or service is a:
a. price floor. b. price ceiling. c. positive externality. d. negative externality.
Among the causes of the Great Depression, Keynes would agree with all of the following explanations EXCEPT
A. There was insufficient aggregate demand to achieve full employment. B. There was a lack of investment on the part of businesses because interest rates were too high. C. Supply had not created its own demand. D. Labor unions and businesses resisted wage and price cuts.
The law of diminishing returns results in:
A. an eventually rising marginal product curve. B. a total product curve that eventually increases at a decreasing rate. C. an eventually falling marginal cost curve. D. a total product curve that rises indefinitely.