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Question

considering the price-elasticity of demand for wheat, we would expect that if the supply of wheat increases, other factors constant, then wheat farmers' total revenues would

Answer

Well, class, the impact of an increase in supply on wheat farmers' total revenues depends on the specific numerical value of the price-elasticity of demand. If the price-elasticity of demand is greater than one (elastic demand), then an increase in supply could lead to a larger decrease in price, ultimately resulting in a decrease in the farmers' total revenues. On the other hand, if the price-elasticity of demand is less than one (inelastic demand), an increase in supply would only lead to a proportionally smaller decrease in price, which could potentially result in an increase in the farmers' total revenues. For more information about price-elasticity, please visit brainly.com/question/13565779 #SPJ4.