If the price of corn increases significantly, which of the following outcomes is most likely for the market, assuming demand is elastic?

When the price of corn increases significantly, and the demand for corn is elastic, people will likely buy much less corn because they can easily find alternatives or reduce their consumption. Elastic demand means that a small change in price leads to a larger change in the quantity demanded. For example, if corn prices go up, consumers might switch to buying rice or potatoes instead, which are cheaper options. As a result, the total revenue from corn sales may decrease because the drop in quantity sold outweighs the higher price. This situation shows how important it is for businesses to understand how consumers react to price changes.