
The above figure illustrates the market for corn. If point "a" represents the original equilibrium and point "b" the new equilibrium, which of the following could have caused the change?
A) an increase in income if corn is a normal good
B) an increase the price of wheat, a substitute in production for corn
C) an increase in the cost of the fertilizer used to grow the corn
D) a belief among corn farmers that the price of a bushel of corn will be higher next month
E) an increase in the number of corn growers
Correct Answer:
Verified
Q122: Q123: A competitive market is in equilibrium. Then Q124: Market equilibrium Q125: Soda and hot dogs are complements for Q126: A rise in the price of a Q128: Suppose over the next several years the Q129: Which of the following results in an![]()
i. can never occur because there
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