Suppose a negative technological change in the production of disease-resistant wheat caused the price of wheat to rise. Holding everything else constant, how would this affect the market for corn (a substitute for wheat)?
A) The supply of corn would decrease and the equilibrium price of corn would increase.
B) The demand for corn would increase and the equilibrium price of corn would increase.
C) The demand for corn would increase and the equilibrium price of corn would decrease.
D) The demand for corn would decrease because consumers could afford to buy less wheat and corn.
Question 2
Refer to Table 4-12. The equations above describe the demand and supply for Bubba's Fried Jellybeans. The equilibrium price and quantity for Bubba's Fried Jellybeans are 40 and 5 thousand units. What is the value of consumer surplus?
A) 5 thousand B) 12.5 thousand C) 25 thousand D) 37.5 thousand
Cow Wheat
Gram Negative Testing
An Estimate of the Time of Global Peak Conventional Oil Production
Drugs for Peptic Ulcer Disease
Geopolitical Change of 20th-Century Europe
Radiative forcing expresses change in energy input over time