Farmers Can Plant Either Corn or Soybeans in Their Fields

question 43

Multiple Choice

Farmers can plant either corn or soybeans in their fields.Which of the following would cause the supply of soybeans to increase?

• A)an increase in the price of soybeans
• B)a decrease in the price of corn
• C)an increase in the demand for corn
• D)an increase in the price of soybean seeds

---

Definitions:

Lowest Price

the minimum price at which a product or service is offered in the market.

Producer Surplus

The difference between the amount that producers are willing to accept for a good or service and the actual amount they receive, due to higher market prices.

Supply Curve

A graphical representation showing the relationship between the price of a good and the quantity of that good that producers are willing to supply.

Efficiency

The ability to produce maximum output with a given set of inputs or resources, minimizing waste and costs.