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Suppose that the price of fertilizer,an input in the production of corn,rises.We would predict that the equilibrium quantity of corn will ________ and the equilibrium price of corn will ________.
Self-sufficiency
The ability of an individual or nation to provide for their own needs without external assistance.
Self-sufficiency
The ability of a country, region, or individual to produce everything they need without relying on external sources.
Export-import Sector
The export-import sector consists of the trade activities in which goods and services are sold to a foreign country (export) and bought from a foreign country (import), contributing significantly to a nation's economy.
Joseph Stiglitz
An American economist and a professor at Columbia University, known for his work on the theory of markets with asymmetric information and his critical view on global economic policies.
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