1- How would each of the following affect the U.S. market supply curve for corn? a. A new and improved crop rotation technique is discovered. b. The price of fertilizer falls. d. A tornado sweeps through Iowa.

Q: What did Adam Smith predict would happen if economic individualism were allowed to operate in a…

A: Adam smith predicted that if individualism was allowed to operate in a country,democratic governance…

Q: The bicycle industry consists of seven firms. Firms 1, 2, 3, each has 20% of the market share, and…

A: The correct answer is given in the second step.

Q: In your own words explain how the world's economy work.

A: World economy is aggregation of all economies across the world. The globalization is key factor…

Q: How might the quality of life ultimately be determined and measured?

A: Standard of living is the level of comfort, necessities, material goods, and wealth available to the…

Q: When, exactly, did World War I end?

A: World War I (WWI): It was a global war and started in Europe, it was considered the largest war in…

Q: What does the law of increasing opportunity cost state?

A: Law of Increasing opportunity cost staes that when the production of a particular product is…

Q: Sub-Saharan Africa includes some of the poorest nations in the world. What would you say is the…

A: The reasons that Sub- Saharan Africa includes some of the poorest nations in the world are…

Q: what did adam  proposed that government should do to help the economy

A: Government is a very important economic unit. It controls an economy and provides various resources…

Q: (Collusion and Cartels) Use revenue and cost curves to illustrate and explain the sense in which a…

A: Hello. Since you have posted multiple questions and not specified which question needs to be solved,…

Q: What do you hope to learn from participating in this course on individual action and democratic…

A: Through this course, I hope to learn how active participation in civic activities can influence both…

Q: Prices and wages help coordinate economic activities. Why?

A: Economic activity is the process by which people purchase or sell goods and services to meet their…

Q: How does small business affect the global marketplace?

A: The objective of this question is to understand the impact of small businesses on the global…

Q: According to Adam Smith who should manage the economy for the nation? Why?

A: An economy refers to the management of the country's money, trade activities, industrial…

Q: T or F Everything we do has its opportunity cost. Why?

A: In economics, it is necessary to choose between several products because resources are limited in…

Q: how the global economy works

A: Economics as a subject deals with the allocation of scarce resources among humans with unlimited…

Q: Which type of economic system do you support? Why?

A: The mixed economic system, market economic system, and the command economic system are the three…

Q: What is your opportunity cost for taking the time to study for a test?

A: opportunity cost is the cost of the next best alternative foregone. It is calculated by comparing…