4.. Good news for farming can be bad news for farmers because the a. supply curve for an individual farmer is usually perfectly elastic. b. supply curve for an individual farmer is usually perfectly inelastic. c. demand for basic foodstuffs is usually inelastic, meaning that factors that shift supply to the right decrease total revenues to sellers. d. demand for basic foodstuffs is usually elastic, meaning that factors that shift supply to the right increase total revenues to sellers.

4.. Good news for farming can be bad news for farmers because the a. supply curve for an individual farmer is usually perfectly elastic. b. supply curve for an individual farmer is usually perfectly inelastic. c. demand for basic foodstuffs is usually inelastic, meaning that factors that shift supply to the right decrease total revenues to sellers. d. demand for basic foodstuffs is usually elastic, meaning that factors that shift supply to the right increase total revenues to sellers.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

4.. Good news for farming can be bad news for farmers because the
a. supply curve for an individual farmer is usually perfectly elastic.
b. supply curve for an individual farmer is usually perfectly inelastic.
c. demand for basic foodstuffs is usually inelastic, meaning that factors that shift
supply to the right decrease total revenues to sellers.
d. demand for basic foodstuffs is usually elastic, meaning that factors that shift
supply to the right increase total revenues to sellers.

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