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.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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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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