Asked by Yolanda Lemmitt on Jul 30, 2024
Verified
If corn and soybean are alternative crops grown by most farmers,an increase in the price of corn is likely to:
A) increase the supply of corn.
B) increase the supply of soybeans.
C) decrease the supply of soybeans.
D) decrease the supply of corn.
E) decrease the demand for soybeans.
Soybean
A leguminous plant widely grown for its edible beans which are rich in protein and oil.
Alternative Crops
Crops that are not the usual cash crops in a region, often introduced for diversification and risk reduction in agriculture.
- Perceive the factors responsible for supply curve shifts.
- Comprehend the role of substitute goods in shaping supply decisions.
Verified Answer
AP
Alyssa PierceAug 02, 2024
Final Answer :
C
Explanation :
An increase in the price of corn makes it more profitable for farmers to grow corn instead of soybeans, leading to a shift of resources away from soybean production, thus decreasing the supply of soybeans.
Learning Objectives
- Perceive the factors responsible for supply curve shifts.
- Comprehend the role of substitute goods in shaping supply decisions.
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