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Market price of wheat will cause

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Reference no: EM131337539

Suppose farmers can use their land to grown either wheat or corn. The law of supply predicts that an increase in the market price of wheat will cause:

  • farmers to lower the production of corn and wheat.

  • farmers to substitute wheat for the production of corn.

  • farmers to substitute corn for the production of wheat.

  • farmers to raise the production of corn and wheat

Reference no: EM131337539

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