Consider the Market for Corn

question 231

Multiple Choice

Consider the market for corn.What happens if there is an increased demand for corn tortillas and,at the same time,a new corn seed becomes available that dramatically increases the yield per hectare?

• A) Price and quantity decrease.
• B) The change in price is indeterminate;quantity decreases.
• C) The change in price is indeterminate;quantity increases.
• D) Price increases;the change in quantity is indeterminate.

---

Definitions:

Social Institutions

Complexes of norms, behaviors, and social structures that fulfill societal needs, such as family, education, and government.

Social Justice

Social justice is the concept of fair and just relations between the individual and society, measured by the distribution of wealth, opportunities for personal activity, and social privileges.

Rawls

A philosopher named John Rawls, famous for his theories of justice, including the principles of 'justice as fairness.'

Theory

A systematic set of ideas intended to explain facts or phenomena, often based on principles independent of the things to be explained.