Suppose You Observe a Decrease in the Equilibrium Price and Quantity

question 8

Multiple Choice

Suppose you observe a decrease in the equilibrium price and quantity of corn. Of the options listed below, this is best explained by:

• A)a decrease in the cost of growing corn.
• B)an increase in the cost of growing corn.
• C)a rise in consumer income assuming corn is a normal good.
• D)a fall in consumer income assuming corn is a normal good.

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