If the price of corn increases significantly, which of the following outcomes are likely to occur in the agricultural market? Select all that apply.

When the price of corn increases significantly, farmers are likely to grow more corn because they can earn more money from it. This means they might decide to use their resources, like land and labor, to produce corn instead of other crops. As a result, the supply of corn could increase, but the prices of other crops might decrease since fewer farmers are growing them. For example, if a farmer usually grows both corn and soybeans, they might choose to plant more corn now, leading to a surplus of soybeans in the market. Overall, the increase in corn prices can shift how farmers allocate their resources and affect the prices of other agricultural products.