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Question 170

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Use the following to answer questions:
Figure: Demand, Supply Shifts Use the following to answer questions: Figure: Demand, Supply Shifts -(Figure: Demand, Supply Shifts) In the figure, the initial demand curve is D<sub>1</sub> and the initial supply curve is S<sub>1</sub>. Suppose this depicts the market for corn. How does the market change when flooding in Iowa destroys a significant amount of the corn crop. A) S<sub>1</sub> will shift to S<sub>2</sub>. B) D<sub>1</sub> will shift to D<sub>2</sub>. C) S<sub>1</sub> will shift to S<sub>3</sub>. D) There will be no change in supply or demand in the market for corn.
-(Figure: Demand, Supply Shifts) In the figure, the initial demand curve is D1 and the initial supply curve is S1. Suppose this depicts the market for corn. How does the market change when flooding in Iowa destroys a significant amount of the corn crop.


A) S1 will shift to S2.
B) D1 will shift to D2.
C) S1 will shift to S3.
D) There will be no change in supply or demand in the market for corn.

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