In 2007 and 2008 the sharp increase in the price of soybeans reflected primarily

Question

Quizplus · Accepted Answer

The sharp increase in the price of soybeans in 2007 and 2008 was mainly due to the increased demand for corn needed to produce ethanol. As more corn was used to produce ethanol, there was less available for other uses, such as animal feed. This led to an increase in demand for soybeans, as they were seen as a viable alternative to corn for animal feed. As a result, the price of soybeans increased significantly. The other answer choices (B, C, and D) are not supported by evidence and are therefore not the best choice.

In 2007 and 2008 the Sharp Increase in the Price