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

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 opportunity cost of producing wheat rise or fall?

Top Answer

the opportunity cost of producing wheat will raise. The law of increasing opportunity cost is the... View the full answer

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Other Answers

the opportunity cost... View the full answer

opportunity cost of growing wheat rise due to... View the full answer

The correct answer is; The opportunity cost of wheat production increases. Opportunity cost refers to the loss of potential... View the full answer

1 comment
  • I hope it helps.
    • tutor_olivia
    • Aug 22, 2017 at 2:58pm

The supply curve shifts up and to the right. A farmer who is producing wheat has given up any... View the full answer

1 comment
  • I hope this serves you well. Thanks
    • ProfMaximiliano
    • Aug 22, 2017 at 3:01pm

Here is a detailed explanation... View the full answer

1 comment
  • I hope this helps.
    • econexpert1
    • Aug 22, 2017 at 3:10pm

Here's the explanation you needed for... View the full answer

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