Business, 26.02.2020 04:35 isabeltorres5

If demand is inelastic, a drought around the world would ___the total revenue that farmers receive from the sale of grain.

Why would a drought only in Kansas most likely reduce the total revenues that Kansas farmers receive?

a. A drought in Kansas would significantly raise the worldwide price of grain.

b. A drought in Kansas would significantly lower the worldwide price of grain.

c. A drought in Kansas is not significant enough to affect the worldwide price of grain.

Answers: 1

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Answers

Answer from: nickolasbradyp0hvwl

Answers:

1) The correct word for the blank space is: raise.

2) The correct answer is letter "C": A drought in Kansas is not significant enough to affect the worldwide price of grain.

Explanation:

1) Demand inelastic goods or services are those with demands that do not vary after changes in their prices. In front of a drought around the world, the supply of grains will fall but if the demand is inelastic people would still request grains at the same level. It implies farmers would still have revenue but incurring in fewer production costs.

2) If a drought only affects the farms in Kansas, there will be less supply of grains grew in Kansas but consumers could request the grains from other territories that are not affected by the drought. Thus, the revenue from Kansas' farmers will be reduced but it will not affect the price of grains around the world.

Answer from: Quest

1 all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know

Answer from: Quest

an online clothing brand

explanation:

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