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Suppose that the development of a new, improved seed allows all corn farmers in the United States to increase their yields per acre. Since the
Suppose that the development of a new, improved seed allows all corn farmers in the United States to increase their yields per acre. Since the demand for the corn is relatively inelastic, the price of corn in a perfectly competitive market is likely to
a. not change, but farm revenues will fall
b. not change, but farm revenues will rise
c. increase, and farm revenues will fall
d. decrease, and farm revenues will fall
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