If Corn and Soybean Are Alternative Crops Grown by Most

question 128

Multiple Choice

If corn and soybean are alternative crops grown by most farmers,an increase in the price of corn is likely to:

• A)increase the supply of corn.
• B)increase the supply of soybeans.
• C)decrease the supply of soybeans.
• D)decrease the supply of corn.
• E)decrease the demand for soybeans.

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Definitions:

Marginal Analysis

Investigating the increased advantages of an activity relative to its increased financial burdens.

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A theoretical idea that encompasses principles, theories, and models explaining how economies operate and how economic agents interact.