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Consider the market for corn. Indicate whether each of the following events will cause a shift in the demand curve or a movement along the curve. If it will cause a shift, specify the direction. a. A drought hits corn-growing regions, cutting the supply of corn: [Movement alon b. The government announces a new subsidy for biofuels made from corn: Rightward shift c. A global recession reduces the incomes of consumers in poor countries, who rely on corn as a staple food (assuming corn is a normal good): Leftward shift o

Consider the market for corn. Indicate whether each of the following events will cause a shift in the demand curve or a movement along the curve. If it will cause a shift, specify the direction. a. A drought hits corn-growing regions, cutting the supply of corn: [Movement alon b. The government announces a new subsidy for biofuels made from corn: Rightward shift c. A global recession reduces the incomes of consumers in poor countries, who rely on corn as a staple food (assuming corn is a normal good): Leftward shift o

Microeconomics: Private and Public Choice (MindTap Course List)
Microeconomics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506893
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter9: Price Takers And The Competitive Process
Section: Chapter Questions
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Consider the market for corn. Indicate whether each of the following events will cause a shift in the demand curve or a movement along the curve. If it will cause a shift, specify the direction. a. A drought hits corn-growing regions, cutting the supply of corn: Movement alon b. The government announces a new subsidy for biofuels made from corn: Rightward shift ▾ c. A global recession reduces the incomes of consumers in poor countries, who rely on corn as a staple food (assuming corn is a normal good): Leftward shift o d. A new hybrid variety of corn seed causes a 15 percent increase in the yield of corn per acre: Movement alon e. An advertising campaign by the beef producers' association highlights the health benefits of corn-fed beef: Rightward shift
Transcribed Image Text:Consider the market for corn. Indicate whether each of the following events will cause a shift in the demand curve or a movement along the curve. If it will cause a shift, specify the direction. a. A drought hits corn-growing regions, cutting the supply of corn: Movement alon b. The government announces a new subsidy for biofuels made from corn: Rightward shift ▾ c. A global recession reduces the incomes of consumers in poor countries, who rely on corn as a staple food (assuming corn is a normal good): Leftward shift o d. A new hybrid variety of corn seed causes a 15 percent increase in the yield of corn per acre: Movement alon e. An advertising campaign by the beef producers' association highlights the health benefits of corn-fed beef: Rightward shift
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