The Above Figure Illustrates the Market for Corn

question 25

Multiple Choice

The above figure illustrates the market for corn. If point 'a' represents the original equilibrium and point 'b' the new equilibrium, which of the following could have caused the change?

• A) An increase in consumers' preferences for corn.
• B) An increase in the labour costs of producing corn.
• C) An increase in consumers' income if corn is a normal good.
• D) An improvement in the technology of producing corn.
• E) An increase in consumers' income if corn is an inferior good.

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Definitions:

Illustrates

Shows or provides examples to clarify or make something visible or understandable, often used in the context of explaining concepts with diagrams or images.

Whale Intermediates

Transitional fossil forms that provide evidence for the evolutionary lineage of whales from land-dwelling mammals.

Four-Legged

Pertaining to organisms, primarily terrestrial vertebrates, that have four limbs, a characteristic feature of tetrapods including mammals, reptiles, and amphibians.

Land Dwelling Mammals

Mammals that primarily inhabit terrestrial environments, as opposed to aquatic or aerial settings, adapted to various landscapes including forests, deserts, and mountains.