Suppose a farmer could grow corn or wheat on his land. What would happen to the

Question

Suppose a farmer could grow corn or wheat on his land. What would happen to the supply curve for corn if the market price of wheat doubled?

shift to the left

shift to the right

nothing

shift upward

£ all 29% 1 1 :21 PM What would happen to the demand curve for gasoline if everyone believed the price of it was going to fall in the near future? shift to the left ? nothing shift upward shift to the right QUESTI 10 points Save Answer What do all the shifters of supply have in common? They always shift the supply curve to the right They all cause changes in cost of production OThey all cause demand to fall They always shift the supply curve to the left QUESTI?10points Save Answer Suppose a farmer could grow corn or wheat on his Click Save and Submit to save and submit. Click Save All Answers to save all Save All Answers Save and Submit

Explanation / Answer

1) Demand curve of gasoline would shift to the left (buying decisions would be postponed when price is expected to fall)

2) Supply shifters: they all cause changes in cost of production

3) Supply of corn would shift to the left (more wheat would be produced in place of corn)

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