Most corn produced in the United States is used for animal feed. The demand for corn is inelastic. These facts mean that
A) there are many substitutes for corn in feeding animals.
B) there are few substitutes for corn in feeding animals.
C) there are no substitutes for corn in feeding animals.
D) animals are not buying the corn themselves, so we cannot learn anything from these facts.
B
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A market-clearing curve for a good:
A. shows the quantities supplied and demanded for a particular product. B. shows the combinations of prices, both for that good and for other related goods, that bring supply and demand for the good into balance. C. shows the quantities supplied and demanded for all goods. D. shows equilibrium in a particular market.
An outward bowed production possibilities curve illustrates
A) inefficient production. B) the law of increasing additional cost. C) a lack of scarcity. D) zero opportunity cost of moving from inefficient production to currently unobtainable production.
In a long-run equilibrium, a perfectly competitive firm's average total cost is
A) minimized. B) maximized. C) zero. D) equal to average fixed cost.
Output per person on a country level is another way to think about:
A. real GDP per capita. B. nominal GDP. C. productivity. D. GDP growth rates.