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Tried as a group to restrict output

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Reference no: EM131281707

Farmers have long recognized that " bumper crops" are not always a great thing in terms of their revenues.

a. In terms of the elasticity of demand, why would this be so?

b. Would it eve be in the interests of a single farmer to reduce his output in an effort to raise price?

c. in point form, list three problems farmers would face if they tried as a group to restrict output?

Reference no: EM131281707

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