The suggestion that peasants in Africa have backward-bending supply curves of output implies that their...
ECONOMICS
JAMB 1997
The suggestion that peasants in Africa have backward-bending supply curves of output implies that their response to an increase in the price of their crops will be to?
- A. increase their output
- B. decrease their output
- C. keep their output constant
- D. hoard their output
Correct Answer: A. increase their output
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