Question

Suppose that you are investigating the market for wheatwheat. The price of corncorn​, a substitute​ good, has decreased. Which of the following would best describe the market reaction to this​ event?

Answer 1

Answer:

Price of the Wheat will Decrease

Explanation:

When you are investigating for the market of wheat and the price of corn which is the substitute of wheat price decreases then the demand of the wheat will decreases.

And if the demand for the wheat decrease this will lead to an increase in the surplus of the wheat and when surplus increases the price of wheat automatically goes down.