In 2017,a Severe Drought Led to an Increase in the Price

question 48

Multiple Choice

In 2017,a severe drought led to an increase in the price of corn.Farmer Lyle was not affected by the drought.In 2016 there was no drought.In 2017,Farmer Lyle's

• A)consumer surplus increased.
• B)producer surplus increased.
• C)producer surplus increased and his consumer surplus increased.
• D)consumer surplus decreased and his producer surplus increased.
• E)supply of corn became perfectly elastic.

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