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If a poor harvest season in a major corn-producing state results in hi

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If a poor harvest season in a major corn-producing state results in hi  [#permalink]

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New post 05 Jan 2019, 08:10
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If a poor harvest season in a major corn-producing state results in higher prices for a bushel of corn, corn prices in other states will rise as well, whether or not those states are net importers of corn.

Which of the following conclusions is best supported by the statement above?


A. Agricultural commodities companies in states that are not net importers of corn are excluded from the national corn market when there is a disruption in the national corn supply.

B. National corn supply disruptions have little, if any, effect on the price of local corn as long as the locality is in a state that is not a net importer of corn.

C. The corn market in any state is part of the national corn market even if most of the corn consumed in the state is produced in the state.

D. Poor harvesting seasons come at predictable regular intervals.

E. Higher prices for corn tend to lead to increased prices for livestock, which rely on corn feed.

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If a poor harvest season in a major corn-producing state results in hi  [#permalink]

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New post 07 Jan 2019, 08:56
Let's break down the argument -
If a poor harvest season in a major corn-producing state results in higher prices for a bushel of corn, corn prices in other states will rise as well, whether or not those states are net importers of corn.

What does the emboldened text suggest? The prices of corn rise irrespective if corn is made locally or not. Hence the corn must be traded nationally. Since the demand rise in one state affects the price everywhere - all states must be trading corn in a single market.


Let us look at the options -
A. Agricultural commodities companies in states that are not net importers of corn are excluded from the national corn market when there is a disruption in the national corn supply. Irrelevant. Too broad we are only focussed on corn whereas option talks about "agricultural commodities"

B. National corn supply disruptions have little, if any, effect on the price of local corn as long as the locality is in a state that is not a net importer of corn. The opposite is true as per the given information. This is a classic 180 example. Discard.

C. The corn market in any state is part of the national corn market even if most of the corn consumed in the state is produced in the state. Bingo - this is exactly what we expected to find.

D. Poor harvesting seasons come at predictable regular intervals. Irrelevant to the price discussion. Discard.

E. Higher prices for corn tend to lead to increased prices for livestock, which rely on corn feed. The price of livestock does not affect the price of corn. We are not interested in the overall price of associated commodities. Discard.

Hope this helps.
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Re: If a poor harvest season in a major corn-producing state results in hi  [#permalink]

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New post 15 Jan 2019, 04:52
Bunuel wrote:
If a poor harvest season in a major corn-producing state results in higher prices for a bushel of corn, corn prices in other states will rise as well, whether or not those states are net importers of corn.

Which of the following conclusions is best supported by the statement above?


A. Agricultural commodities companies in states that are not net importers of corn are excluded from the national corn market when there is a disruption in the national corn supply.

B. National corn supply disruptions have little, if any, effect on the price of local corn as long as the locality is in a state that is not a net importer of corn.

C. The corn market in any state is part of the national corn market even if most of the corn consumed in the state is produced in the state.

D. Poor harvesting seasons come at predictable regular intervals.

E. Higher prices for corn tend to lead to increased prices for livestock, which rely on corn feed.



KAPLAN OFFICIAL EXPLANATION:



C

The stimulus says that if the price of corn rises in a major corn-producing state because of a poor harvest, the price of corn will increase in other states, whether those states import or. grow most of their corn. In other words, the price of corn must somehow be standardized. This implies that all states are part of a national corn market, as in (C).

(A) is a 180; if states that are not importers of corn are not part of the national corn market, their prices won't be affected by a bad harvest in another state, which contradicts the argument. Same thing for (B): The argument states that the price of all corn-local and imported-is affected by a bad harvest in one state. (D),is out of scope; the passage focuses on corn prices, not bad harvests. (E), too, is out of scope, since livestock isn't part of the argument, but it might be tempting; it certainly could be true, but it is incorrect because it is out of scope and doesn't have to be true based on the stimulus. (C) is within the scope and must be true.
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New to the Math Forum?
Please read this: Ultimate GMAT Quantitative Megathread | All You Need for Quant | PLEASE READ AND FOLLOW: 12 Rules for Posting!!!

Resources:
GMAT Math Book | Triangles | Polygons | Coordinate Geometry | Factorials | Circles | Number Theory | Remainders; 8. Overlapping Sets | PDF of Math Book; 10. Remainders | GMAT Prep Software Analysis | SEVEN SAMURAI OF 2012 (BEST DISCUSSIONS) | Tricky questions from previous years.

Collection of Questions:
PS: 1. Tough and Tricky questions; 2. Hard questions; 3. Hard questions part 2; 4. Standard deviation; 5. Tough Problem Solving Questions With Solutions; 6. Probability and Combinations Questions With Solutions; 7 Tough and tricky exponents and roots questions; 8 12 Easy Pieces (or not?); 9 Bakers' Dozen; 10 Algebra set. ,11 Mixed Questions, 12 Fresh Meat

DS: 1. DS tough questions; 2. DS tough questions part 2; 3. DS tough questions part 3; 4. DS Standard deviation; 5. Inequalities; 6. 700+ GMAT Data Sufficiency Questions With Explanations; 7 Tough and tricky exponents and roots questions; 8 The Discreet Charm of the DS; 9 Devil's Dozen!!!; 10 Number Properties set., 11 New DS set.


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Re: If a poor harvest season in a major corn-producing state results in hi &nbs [#permalink] 15 Jan 2019, 04:52
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