Consider the market for corn. Say whether each of the following events will cause a shift in
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a. A drought hits corn-growing regions.
b. The government announces a new subsidy for bio fuels made from corn.
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).
d. A new hybrid variety of corn seed causes a 15 percent increase in the yield of corn per acre.
e. An advertising campaign by the beef producers’ association highlights the health benefits of corn-fed beef.
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