Suppose Farmers in a Given Market Can Either Grow Soy

question 72

Multiple Choice

Suppose farmers in a given market can either grow soy beans or corn on their land. In addition, suppose an increase in the demand for corn causes the price of corn to increase. As a result of the increase in the price of corn, farmers who were already growing corn will earn an:

• A)economic loss in the short run.
• B)economic profit in the long run.
• C)economic profit in the short run.
• D)economic loss in the long run.

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Definitions:

Sample

A subset of a larger population selected for measurement or observation, intended to represent the larger group.

Standard Deviation

Standard deviation is a measure that quantifies the amount of variance or dispersion of a set of data values, indicating how much the values differ from the mean of the set.

σ

The symbol representing the standard deviation in statistics, a measure of the amount of variation or dispersion in a set of values.

Dispersion

A statistical measure that describes the spread of or variation in a set of data values.