Farmers can produce wheat and/or rice. What will happen in the wheat market if there is an increase in the price of rice?

Name: Farmers can produce wheat and/or rice. What will happen in the wheat market if there is an increase in the price of rice?
Brand: Quizplus
Rating: 5.0 (45 reviews)

Question

Quizplus · Accepted Answer

If there is an increase in the price of rice, farmers may decide to shift more of their resources towards producing rice, which means that they will produce less wheat. This will decrease the supply of wheat in the market.

Farmers Can Produce Wheat And/or Rice