Economics: Private and Public Choice
16th Edition
ISBN: 9781337642224
Author: James D. Gwartney; Richard L. Stroup; Russell S. Sobel
Publisher: Cengage Learning US
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Chapter 22, Problem 6CQ
Suppose that the development of a new drought-resistant hybrid seed corn leads to a 50 percent increase in the average yield per acre without increasing the cost to the farmers who use the new technology. If the producers in the corn production industry were
- a. the price of corn
- b. the profitability of corn farmers who quickly adopt the new technology
- c. the profitability of corn farmers who are slow to adopt the new technology
- d. the price of soybeans, a substitute product for corn
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