Suppose a Positive Technological Change in the Production of Disease-Resistant

question 218

Multiple Choice

Suppose a positive technological change in the production of disease-resistant corn caused the price of corn to fall.Holding everything else constant,how would this affect the market for wheat (a substitute for corn) ?

• A)The supply of wheat would increase and the equilibrium price of wheat would decrease.
• B)The demand for wheat would decrease and the equilibrium price of wheat would decrease.
• C)The demand for wheat would increase because consumers could afford to buy more wheat and corn.
• D)The demand for wheat would decrease and the equilibrium price of wheat would increase.

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Shaver et al.

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