A farmer owns 10 acres of land on which both soybean and corn can be grown. If he increases the production of corn, _____
a. the output of soybean must fall
b. the demand curve for soybean must shift leftward
c. the demand curve for corn must shift rightward
d. the output of soybean must increase too
b
Economics
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Suppose that your personal valuation for a painting is $200 . Which auction format would induce you to bid more?
a. First price. b. Second price. c. You would bid the same in any format. d. Depends on the environment.
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If the value of the cross elasticity of demand is negative, the two goods are
A) complementary goods. B) substitute goods. C) normal goods. D) inferior goods.
Economics