Arrange the following events in the correct sequence regarding the effect of an increase in corn prices on soybean production: A. Farmers allocate more resources to soybeans. B. The price of corn increases. C. The supply of soybeans decreases. D. The price of soybeans increases.

To understand the effect of an increase in corn prices on soybean production, we start with the price increase itself. First, the price of corn increases, which makes corn more profitable for farmers. Because of this higher profit potential, farmers then allocate more resources, like land and labor, to grow corn instead of soybeans. As a result, the supply of soybeans decreases since fewer farmers are producing them. With less supply, the price of soybeans then rises, reflecting the reduced availability in the market.