Refer to the fiGure Above, Which Shows Three Supply Curves

question 44

Multiple Choice

Refer to the figure above, which shows three supply curves for corn. Which of the following would cause the supply of corn to shift from S1 to S2?

• A) an increase in the price of fertilizer
• B) a change in consumer tastes away from cornbread
• C) a decrease in consumer incomes, assuming corn is a normal good
• D) the development of a more effective insecticide against corn rootworm

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Definitions:

Cockatoos

A group of large, noisy parrots native to the Australasian region, known for their distinctive crests and varied colors.

Smuggled

Goods or commodities that are imported or exported illegally, without paying tariffs or adhering to trade regulations.

Transit

The movement of people or goods from one location to another, typically refers to public transportation systems.

Equilibrium Price

The market price at which the quantity of an item supplied is equal to the quantity demanded.