If Climate Change Were to Reduce the Output Per Acre

question 5

Multiple Choice

If climate change were to reduce the output per acre of wheat but not the output of other crops, what effect this would have on the soybean market?

• A)The demand for soybeans would shift right and the price and quantity would rise.
• B)The quantity demanded of soybeans will rise and price will increase.
• C)The supply of soybeans will shift left and price will rise.
• D)The quantity demanded will increase and the demand will shift right.

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Definitions:

Not-For-Profit Corporation

A type of legal entity organized for purposes other than generating profit. Any surplus revenues are used to further its objectives rather than distributed to shareholders.

Surplus Revenue

the amount of income that exceeds the total cost of operations, often discussed in the context of businesses and government budgets.

Members

Individuals who belong to a group, organization, or body, having certain rights, roles, or obligations within it.

Not-For-Profit Corporation

An organization formed for purposes other than generating profit, where any income generated is used in pursuing its goals instead of being distributed as dividends.