Farmers Can Use Their Land to Grow Corn or Cotton

Farmers can use their land to grow corn or cotton. Because of the increased demand for moisture-wicking sportswear, the demand for cotton has decreased. What are the general equilibrium effects in the markets for corn and for cotton?

A) The price of cotton will fall because of the decrease in demand, and farmers will plant less cotton. The decrease in the supply of cotton will raise both cotton prices and the demand for corn.
B) The price of cotton will fall because of the decrease in demand, and farmers will plant less cotton and more corn. The increase in the supply of corn will push down corn prices.
C) The price of cotton will fall because of the decrease in demand, and farmers will plant less corn. The decrease in the supply of corn will raise corn prices and depress the demand for cotton.
D) The price of cotton will rise because of the decrease in demand, and farmers will plant more cotton and less corn. The decrease in the supply of corn will push up corn prices.