Assume that corn and soybeans are alternatives that could be grown by most farmers. An increase in the price of corn will Group of answer choices increase the supply of corn. increase the supply of soybeans. decrease the supply of soybeans. decrease the supply of corn. have no effect on the supplies of corn and soybeans.

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30-07-2021
Business

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Assume that corn and soybeans are alternatives that could be grown by most farmers. An increase in the price of corn will Group of answer choices increase the supply of corn. increase the supply of soybeans. decrease the supply of soybeans. decrease the supply of corn. have no effect on the supplies of corn and soybeans.

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topeadeniran2 topeadeniran2 · Answer 1 · 2021-08-11T17:46:40+02:00

An increase in the price of corn will lead to an increase the supply of corn.

According to the law of supply, when there's an increase in price of a particular good, the quantity of that good that is supplied by the producer will increase.

In this case, since there's an increase in the price of corn, the farmers will prefer to supply more of corn in order to maximize profit.

Therefore, the correct option will be that there will be an increase the supply of corn.

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