Suppose Farmers in a Given Market Can Either Grow Soy

Multiple Choice

Suppose farmers in a given market can either grow soy beans or corn on their land. In addition, suppose an increase in the demand for corn causes the price of corn to increase. As a result of the increase in the price of corn, farmers who were already growing corn will earn an:

A) economic loss in the short run.
B) economic profit in the long run.
C) economic profit in the short run.
D) economic loss in the long run.