Consider the farmers talked about in the chapter who have land that is suitable for growing both

Question:

Consider the farmers talked about in the chapter who have land that is suitable for growing both wheat and soybeans. Suppose all farmers are currently farming wheat but the price of soybeans rises dramatically.
a. Does the of producing wheat rise or fall?
b. Does this shift the supply curve for wheat, or is it a movement along a fixed supply curve?
What direction is this shift or movement? Illustrate your answer on the following figure:

Opportunity Cost
Opportunity cost is the profit lost when one alternative is selected over another. The Opportunity Cost refers to the expected returns from the second best alternative use of resources that are foregone due to the scarcity of resources such as land,...