d. decrease the supply of wheat.3. Knowing that the demand for wheat is inclastic, if all famers voluntarily did not plantwheat on 10 percent of their land, thena. consumers of wheat would buy more wheat.b. wheat farmers would suffer a reduction in their total revenue.V wheat farmers would experience an increase in their total revenue.d. the demand for wheat would decrease.4.. Good news for farming can be bad news for farmers because thea. supply curve for an individual famer is usually perfecetly elastic.b. supply curve for an individual farmer is usually perfectly inelastic.Vdemand for basic foodstuffs is usually inelastic, meaning that factors that shiftsupply to the right decrease total revenues to sellers.d. demand for basic foodstuffs is usually elastic, meaning that factors that shiftsupply to the right increase total revenues to sellers.5. The supply of oil is likely to bea.inelastic in both the short run and long run.b.elastic in both the short run and long run.elastic in the short run and inelastic in the long run.inelastic in the short run and elastic in the long run.6. OPEC suecessfully raised the world price of oil in the 1970s and early 1980s, primarilydue toan inelastic demand for oil and a reduction in the amount of oil supplied.a.a reduction in the amount of oil supplied and a world-wide oil embargo.C.a world-wide oil embargo and an elastic demand for oil.d.a reduction in the amount of oil supplied and an elastic demand for oil.7. Why was OPEC unable to maintain high oil prices in the long run?a. Demand and supply are both elastic in the long run compared to the short run.b. Demand and supply are both inelastic in the long run compared to the short run.V Demand is elastic and supply is inelastic in the long run compared to the short run.

Dear Student, as you have posted multiple questions in a single picture, but according to the…

3. Knowing that the demand for wheat is inelastic, if all famers voluntarily did not plant wheat on 10 percent of their land, then a. consumers of wheat would buy more wheat. b. wheat farmers would suffer a reduction in their total revenue. V wheat farmers would experience an increase in their total revenue. d. the demand for wheat would decrease.

3. Knowing that the demand for wheat is inelastic, if all famers voluntarily did not plant wheat on 10 percent of their land, then a. consumers of wheat would buy more wheat. b. wheat farmers would suffer a reduction in their total revenue. V wheat farmers would experience an increase in their total revenue. d. the demand for wheat would decrease.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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2.The price of food increased during the past year. a.Explain why the law of demand applies to food just as it does to all other goods and services.
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1. Explain and illustrate what's going to happen in the market equilibrium of: a. Holiday abroad when there is a discount offered by domestic hotels. b. Corn when a large number of consumers becoming vegetarians. 2. Explain why the quantity demanded of meat will increase when there is fall in price of meat.
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