ECONOMICS (CBSE/UGC NET)

ECONOMICS

CONSUMERS

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

If there is plenty of corn grown this year, and not many people are buying the corn, what will happen to the price of the corn?

A	It will increase
B	It will decrease
C	Either A or B
D	None of the above

Explanation:

Detailed explanation-1: -The price of corn is largely determined by supply and demand.

Detailed explanation-2: -A decrease in the price of an input to production will increase the supply of corn. An increase in the supply of corn will decrease the equilibrium price and increase the equilibrium quantity.

Detailed explanation-3: -Demand Factors for Corn and Wheat Major components of demand for corn and wheat include food, seed, industrial, feed and residual, exports, and carryover stocks.

Detailed explanation-4: -Corn is vulnerable to the following infections by plant pathogens throughout the growing season under favorable environmental conditions: seed rots and seedling blights soon after planting, foliar diseases in mid-season, and stalk and ear rots toward the end of the growing season.

There is 1 question to complete.