A decrease in the supply of an agricultural product will increase the total revenue of farmers if the demand for the agricultural product is
A) income elastic.
B) income inelastic.
C) price elastic.
D) price inelastic.
E) none of the above
D
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A Eurocurrency is a
A) bank account denominated in a currency other than the nation in which the deposit is located. B) bank account in the eurozone. C) bank account denominated in euros in the EU. D) bank account located in England.
The market supply curve for any product:
a. always depends on the market demand for that product. b. depends on the general income level of the consumers in the market. c. is a summation of individual firms' supply curves. d. equals the total revenue generated through sale of the commodity. e. is affected by the prices of related products.
The lack of long-term economic development prevalent among many LDCs is evidence that relatively efficient economic markets may lead to socially undesirable outcomes
Indicate whether the statement is true or false
If, when price changes by 35 percent, the quantity demanded changes by 7 percent, then the absolute value of the price elasticity of demand is 5
Indicate whether the statement is true or false