Asked by
Gabriella Ortiz
on Dec 05, 2024Verified
(Figure: The Demand and Supply of Wheat) Use Figure: The Demand and Supply of Wheat.If there is a decrease in supply of 2,000 bushels per period at each price,the equilibrium price and quantity will be _____ and _____ bushels per period,respectively.
A) $5;5,000
B) $7;5,000
C) $6;4,000
D) $8;6,000
Equilibrium Price
The market price where the supply of goods matches demand.
Equilibrium Quantity
The amount of goods or services supplied and demanded at the equilibrium price.
Bushels
A unit of volume that is used primarily in the United States to measure agricultural commodities, like grains and fruits.
- Understand the impact of supply and demand changes on equilibrium price and quantity.
Verified Answer
SB
Learning Objectives
- Understand the impact of supply and demand changes on equilibrium price and quantity.
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