3. The Market Forces of Supply and Demand
Using the Supply and Demand Curves to Find Equilibrium
Multiple Choice
Multiple ChoiceWhat happens in the market for wheat if (1) the cost of fertilizer, an input in production, increases and (2) tornadoes ravages the Midwest, where wheat is grown?
A
Equilibrium price rises, equilibrium quantity ambiguous
B
Equilibrium price rises, equilibrium quantity falls
C
Equilibrium price falls, equilibrium quantity rises
D
Equilibrium price ambiguous, equilibrium quantity falls
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