1.a) Genetically modified soybean seed is an example of a new production technology that has increased soybean productivity. As a result, this new technology ______ production costs and ______ the supply of soybeans.(5%)

i.raised; increased

ii.lowered; decreased

iii.lowered; increased

iv.raised; decreased

Provide Justification and add references along with correct answer.

b).Suppose that farmers can use their land to grow and sell soybeans and cotton.How would farmers respond to rising cotton prices?

i.By producing less cotton and more soybeans

ii.By decreasing the supply of soybeans and producing more cotton

iii.By increasing the supply of soybeans and cotton

iv.By decreasing the supply of soybeans and cotton

Provide Justification and add references along with the answer.