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

question 181

Multiple Choice

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

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

Recognize the different brain wave patterns associated with various states of consciousness.

Identify the types, stages, and cycles of sleep and understand their significance.

Comprehend the role and mechanism of yawning and its contagiousness.

Grasp the importance of sleep for cognitive and emotional health.

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Definitions:

Economic Profits

Profits exceeding the total opportunity costs of a business, indicating it is outperforming its next best alternative.

Forgone Entrepreneurial Income

The potential income an entrepreneur misses out on when choosing to start their own business rather than working for wages.

Production Costs

Expenses related to the manufacture of goods or delivery of services, including materials, labor, and overhead.

Average Product

The output per unit of input, calculated by dividing total product by the quantity of input.