In 2008, increased gasoline prices led to increased corn prices, primarily because
A) corn production and gasoline production are both concentrated in the high-cost Midwest.
B) corn oil is a good substitute for gasoline, and ethanol is an essential input to corn production.
C) ethanol is a good substitute for gasoline, and corn is an input to ethanol production.
D) gasoline is a good substitute for corn oil, and corn oil is an input to input to gasoline production.
Correct Answer:
Verified
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