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Suppose farmers in a given market can either grow soy beans or corn on their land. In addition, suppose an increase in the demand for corn causes the price of corn to increase. All else equal, an increase in the price of corn creates an incentive for farmers to: Multiple Choice switch away from growing corn and into growing soy beans. switch away from growing soy beans and into growing corn. grow less corn, but not change their production of soy beans. grow more corn, but not change their production of soy beans.

Suppose farmers in a given market can either grow soy beans or corn on their land. In addition, suppose an increase in the demand for corn causes the price of corn to increase. All else equal, an increase in the price of corn creates an incentive for farmers to: Multiple Choice switch away from growing corn and into growing soy beans. switch away from growing soy beans and into growing corn. grow less corn, but not change their production of soy beans. grow more corn, but not change their production of soy beans.

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Suppose farmers in a given market can either grow soy beans or corn on their land. In addition, suppose an increase in the demand for corn causes the price of corn to increase. All else equal, an increase in the price of corn creates an incentive for farmers to: Multiple Choice switch away from growing corn and into growing soy beans. switch away from growing soy beans and into growing corn. grow less corn, but not change their production of soy beans. grow more corn, but not change their production of soy beans.
Transcribed Image Text:Suppose farmers in a given market can either grow soy beans or corn on their land. In addition, suppose an increase in the demand for corn causes the price of corn to increase. All else equal, an increase in the price of corn creates an incentive for farmers to: Multiple Choice switch away from growing corn and into growing soy beans. switch away from growing soy beans and into growing corn. grow less corn, but not change their production of soy beans. grow more corn, but not change their production of soy beans.
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