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.
B
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Which of the following statements is CORRECT?
A) When workers become more productive, the demand for labor curve shifts rightward. B) When technology decreases, the supply of labor curve shifts leftward. C) When labor force participation increases, the supply of labor curve shifts leftward. D) When human capital increases, the demand for labor curve shifts leftward.
Life insurance companies are supervised and regulated by the
A) Federal Home Loan Bank Board. B) Securities and Exchange Commission. C) states in which they operate. D) Federal Reserve.
An investment that has the same features, such as risk and ease of selling, as the investment being considered by buyers and sellers is referred to as a(n):
a. equivalent investment. b. comparable investment. c. twin investment. d. dual investment. e. duplication investment.
In choosing between two products, a rational consumer will choose the product that gives her the:
A. least marginal utility per dollar. B. highest cost per additional unit of utility. C. lowest cost per additional unit of utility. D. greatest total utility regardless of cost.