Assume a local producer of beef cattle wishes to remain at the same level of output when the input cost of corn increases but the substitute input milo does not increase, what will the producer do to remain at the same level of output?
The producer will become more profitable by selling corn
The producer must shift out of the more expensive input, corn, and use more of the less expensive input, Milo
The producer must shift out of the less expensive input, milo, and use more of the more expensive input, corn
The producer must shut down