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stars_and_moon stars_and_moon
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7 years ago
Assume that this year the corn crop in the United States in general was very good and the price of corn fell to an all-time low. If the demand for corn in the United States is inelastic, what happens to the total revenue of corn farmers as a result of this great year of growing corn?
A) With the lower price, people want to buy a lot more corn, and total revenue increases.
B) With the lower price, people only want to buy a little more corn, and total revenue increases.
C) With the lower price, people only want to buy a little more corn, and total revenue decreases.
D) With the lower price, people want to buy a lot more corn, and the total revenue decreases.
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kingbykingby
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#1
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7 years ago
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#2
7 years ago
I compared your answer with a buddy, and it matches

Thanks
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#3
7 years ago
Yup, vote with confidence!
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