Asked by Savannah LaPort on May 27, 2024
Verified
If the price of corn rises,we generally expect the:
A) quantity of corn demanded to rise.
B) quantity of corn supplied to rise.
C) demand for corn to shift inward.
D) supply of corn to shift outward.
Quantity of Corn Demanded
This term refers to the total amount of corn that consumers are willing and able to purchase at a given price level and period.
Quantity of Corn Supplied
The total amount of corn that producers are willing to sell at a given price over a specified period.
- Comprehend the consequences of alterations in input costs on supply dynamics.
- Differentiate between motion along a curve and adjustments that cause the curve to shift in the context of supply and demand analysis.
Verified Answer
JN
Jalen Neely-BaldwinMay 28, 2024
Final Answer :
B
Explanation :
When the price of corn rises, producers are typically incentivized to supply more corn to the market because they can earn more revenue from their sales, leading to an increase in the quantity of corn supplied.
Learning Objectives
- Comprehend the consequences of alterations in input costs on supply dynamics.
- Differentiate between motion along a curve and adjustments that cause the curve to shift in the context of supply and demand analysis.