Final answer:
The question involves agricultural business decisions within a perfectly competitive market, highlighting North Dakota farmers' shift from wheat to increased corn production due to converging prices and also discussing the benefits of crop rotation.
Step-by-step explanation:
The subject of this question is tied to agricultural business choices within a perfectly competitive market. The context provided discusses the decisions made by farmers in North Dakota to plant different crops over a span of roughly 25 years, a time in which the industry saw a shift from predominantly wheat to increased corn production. According to the information, this shift was tied to converging prices, suggesting that farmers responded to changes in relative crop prices by altering their planting choices. Additionally, the mention of crop rotation between corn and soybeans suggests that there are agronomic benefits such as soil health and pest control when alternating betweena cereal crop and a legume. This advantageous strategy is tied to the economic principles farmers consider when aiming for optimal productivity and profitability in a market that allows easy crop substitution.