The figure illustrates the market for corn. If point "a" represents the original equilibrium and point "b" the new equilibrium, which of the following could have caused the change? OA. an increase in the number of corn growers OB. an increase in the cost of the fertilizer used to grow the corn OC. a belief among corn farmers that the price of a bushel of corn will be higher next month OD. an increase the price of wheat, a substitute in production for corn O E. an increase in income if corn is a normal good Price (dollars per bushel of corn) * D Quantity (millions of bushels of corn per year)
The figure illustrates the market for corn. If point "a" represents the original equilibrium and point "b" the new equilibrium, which of the following could have caused the change? OA. an increase in the number of corn growers OB. an increase in the cost of the fertilizer used to grow the corn OC. a belief among corn farmers that the price of a bushel of corn will be higher next month OD. an increase the price of wheat, a substitute in production for corn O E. an increase in income if corn is a normal good Price (dollars per bushel of corn) * D Quantity (millions of bushels of corn per year)
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter3: Demand And Supply
Section: Chapter Questions
Problem 55P: Table 3.9 illustrates the markets demand and supply for cheddar cheese. Graph the data and find the...
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