Ranchers can raise either cattle or sheep on their land. Which of the following would cause the supply of sheep to increase?
A) an increase in the price of sheep B) a decrease in the price of cattle
C) an increase in the price of sheep feed D) an increase in the demand for cattle
Question 2
If a firm's goal is to maximize revenue, it will price its product to correspond to the unit-elastic segment of its demand curve.
Indicate whether the statement is true or false