If the price of corn increases, farmers will likely allocate more resources to corn production and less to ______, leading to its price increasing due to decreased supply.

If the price of corn increases, farmers see it as a chance to earn more money by growing more corn. To do this, they may take resources away from growing other crops, like wheat or soybeans. When fewer farmers produce these other crops, the supply of them decreases. As a result, with less of these crops available in the market, their prices are likely to go up. For example, if a farmer decides to use more land for corn and less for wheat, the reduced wheat supply can lead to higher wheat prices.