“I farm on a small scale. Last year, I started off by planting soybeans and corn. This year, the price of soybeans increased, and the price of corn remained the same. Naturally, I planted more corn than soy. From your point of view, how does this explain the law of supply? From my first to my second year in farming, did the supply curve of corn or soybeans shift?”

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Based on your description your decision to plant more corn this year can be explained by the law of ... View the full answer