Many Southern farmers face a choice between planting peanuts or cotton.In 2011,farmers anticipated higher prices for cotton.In the market for peanuts in 2011,there would be ________ in the supply of peanuts,which leads to ________ in the price of peanuts and ________ in the quantity of peanuts.

Question

Quizplus · Accepted Answer

If Southern farmers choose to plant cotton instead of peanuts, there will be a decrease in the supply of peanuts since fewer farmers will be planting peanuts. This decrease in supply will lead to an increase in the price of peanuts (due to the law of supply and demand) and a decrease in the quantity of peanuts produced (since fewer farmers are planting them).

Many Southern Farmers Face a Choice Between Planting Peanuts or Cotton.In