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:

Z-score

A statistical measure that describes a value's relationship to the mean of a group of values, measured in terms of standard deviations from the mean.

Standard Deviations

A gauge for evaluating how much the data values vary or diverge from each other in a dataset.

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