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Question

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 decrease because consumers could afford to buy less wheat and corn.
D) The demand for corn would increase and the equilibrium price of corn would decrease.

Answer

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