In 2008, the price of corn increased by 35 percent and some cotton farmers in Texas stopped growing cotton and started to grow corn.a. Does this fact illustrate the law of demand or the law of supply? Explain your answer.b. Why would a cotton farmer grow corn?

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In 2008, the price of corn increased by 35 percent and some cotton farmers in Texas stopped growing cotton and started to grow corn.
a. Does this fact illustrate the law of demand or the law of supply? Explain your answer.
b. Why would a cotton farmer grow corn?
Related Book For answer-question

Microeconomics

11th edition

Authors: Michael Parkin

ISBN: 978-0133019940