How the opportunity cost of wheat is affected by a increase

Reference no: EM13191050

Corn is used in the production of ethanol, which is a substitute for gasoline that can be blended with gasoline to stretch oil supplies in producing refined gasoline. Much of the farmland in the America Midwest can be planted with either wheat or corn. Explain in a few sentences how the opportunity cost of wheat is affected by a sustained sharp increase in oil prices.

Reference no: EM13191050

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