Land used to grow corn could also be used to grow soybeans. Which of the following is true when the farmer plants soybeans and the market price of corn rises?

A) The opportunity cost of producing soybeans decreases.
B) The opportunity cost of producing soybeans increases.
C) There will be no change in the opportunity cost of producing soybeans.
D) The opportunity cost of producing corn increases.

Opportunity Cost

The cost of forgoing the next best alternative when making a decision or choosing between two or more options.

Market Price

The value of a good or service determined by the supply and demand within a competitive marketplace.

Corn Rises

An increase in the market price of corn, which can be due to various factors such as supply constraints, increased demand, or external market conditions.