Figure 2 illustrates the market for corn. If point "a" represents the original equilibrium and point "b" the new equilibrium, which of the following could shift the supply curve of corn to the right? A) an increase in consumers' preferences for corn OB) an increase in consumers' income if corn is a normal good OC) an increase in labor costs of producing corn OD) an improvement in the technology of producing corn

Figure 2 illustrates the market for corn. If point "a" represents the original equilibrium and point "b" the new equilibrium, which of the following could shift the supply curve of corn to the right? A) an increase in consumers' preferences for corn OB) an increase in consumers' income if corn is a normal good OC) an increase in labor costs of producing corn OD) an improvement in the technology of producing corn

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter6: Consumer Choices

Section: Chapter Questions

Problem 5RQ: Who determines how much utility an individual will receive from consuming a good?

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Question

Figure 2 Corn Market
Price (dollars per bushel of corn)
$2
X
b
D
Quantity (millions of bushels of corn per year)
Figure 2 illustrates the market for corn. If point "a" represents the original
equilibrium and point "b" the new equilibrium, which of the following could shift the
supply curve of corn to the right?
O A) an increase in consumers preferences for corn
OB) an increase in consumers' income if corn is a normal good
OC) an increase in labor costs of producing corn
OD) an improvement in the technology of producing corn

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