Refer to the four graphs below. Select the graph above that best shows the changes in demand and supply in the market specified in the following situation: In the market for corn, if gasoline producers use more ethanol from corn, and good weather during
the growing season yields a bumper harvest.
A. Graph A
B. Graph B
C. Graph C
D. Graph D
A. Graph A
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Between 1960 and 1997, the federal budget was never in surplus
a. True b. False Indicate whether the statement is true or false
Within the Keynesian aggregate expenditures model, which of the following autonomous changes would decrease the equilibrium output?
a. A decrease in investment spending. b. An increase in net exports. c. An increase in government spending. d. An increase in consumption expenditures
The role of the government in establishing how private business can operate includes all of the following except
A. Providing raw materials to business. B. Protecting consumers from defective products. C. Providing a legal framework. D. Protecting the environment.
If a product is a necessity and has no substitutes at all, demand for the product is most likely to be:
A. very inelastic. B. inelastic. C. unit elastic. D. elastic.