The Quantity of Corn Supplied to the Market Will Increase

question 50

Multiple Choice

The quantity of corn supplied to the market will increase if:

• A) the wages paid to agricultural labour falls.
• B) the price of corn rises due to an increase in demand.
• C) there is an improvement in the technology of corn production.
• D) the price of wheat and other grains falls.

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Definitions:

Selling Price

The amount for which a product or service is sold to the customer.

Market Price

The current value at which an asset or service can be bought or sold in a marketplace.

Profit

The financial gain realized when the amount of revenue gained from a business activity exceeds the expenses, costs, and taxes needed to sustain the activity.

Marginal Revenue

The additional income gained from selling one more unit of a good or service.