If a Higher Price for Wheat Decreases the Quantity of Corn

question 28

Multiple Choice

If a higher price for wheat decreases the quantity of corn being produced,which of the following describes what has occurred?

• A) The supply of wheat increased and the supply of corn decreased.
• B) The quantity of wheat supplied increased and quantity of corn supplied decreased.
• C) The supply of wheat increased and the quantity of corn supplied decreased
• D) The quantity of wheat supplied increased and the supply of corn decreased.
• E) The supply of wheat decreased and the supply of corn decreased.

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Definitions:

Decider

The person responsible for making decisions, especially in contexts where multiple individuals or groups may be affected.

Public Goods

Goods that are non-excludable and non-rivalrous, meaning that no one can be prevented from using them and one person's use does not reduce availability for others.

Commons Dilemma

A situation in which individuals' short-term self-interest conflicts with long-term group interest and well-being, typically regarding the overconsumption of a shared resource.

Scarce Resources

Goods or services that are limited in availability relative to the desires or needs of individuals or systems.