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15 April, 04:48

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

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  1. 15 April, 04:55
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    The farmer will substitute the production of wheat with the production of corn.

    Explanation:

    The supply of a good is directly related to the price of that good. If the price of wheat is going to decrease, it will make the farmer produce more of corn so that he can earn more revenue.

    If he continues to grow wheat, his revenue will decrease because of the decrease in the price of wheat. But growing more of corn instead of wheat will not decrease his revenue.
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