Suppose a decrease in the supply of wheat results in an increase in revenue. This indicates that

the supply curve for wheat must be vertical.

the resulting increase in price is proportionately greater than decrease in quantity sold.

the demand curve for wheat must be vertical.

the decrease in quantity sold is proportionately larger than the resulting change in price.

The price of wheat has fallen since $1950.$ Which of the following explains this price decline?

The price elasticity of demand is less than $1($in absolute value$)$ and the income elasticity of demand for wheat is low.

The price elasticity of demand is less than $1($in absolute value$)$ and wheat is an inferior good.

The price elasticity of demand is greater than $1($in absolute value$)$ and the income elasticity of demand for wheat is greater than $1.$

The price elasticity of demand is greater than $1($in absolute value$)$ and the income elasticity of demand for wheat is low.