Last Year the Price of Corn Was $3 a Bushel

question 176

Multiple Choice

Last year the price of corn was $3 a bushel and the quantity of corn demanded was 10 million bushels. This year the price of corn was $4.00 a bushel and the quantity demanded was 9 million bushels. Is this evidence that the law of demand does not apply to corn?

• A) Yes, because there is a direct relationship between the price of corn and the quantity supplied.
• B) Yes, because there is an inverse relationship between the price of corn and the quantity demanded.
• C) No, because the other-things-equal assumption was violated over the two-year period.
• D) No, because the evidence indicates that there is a shortage of corn.

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Definitions:

Adequate Follow-Up Care

Sufficient and appropriate monitoring and treatment after medical procedures, ensuring a patient's recovery or effective management of a condition.

Optimism

A mental attitude characterized by hope and confidence in positive outcomes or the success of future endeavors.

Deinstitutionalization

The process of moving individuals with mental health conditions or disabilities from long-term institutions to community-based care or less restrictive environments.

Suicide Rates

The statistical measure of the number of suicide deaths in a given population during a specified period of time.