Consider the world market for wheat. Suppose there is a major failure in Russia's wheat crop because

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Consider the world market for wheat. Suppose there is a major failure in Russia's wheat crop because of a severe drought. Explain the likely effect on the equilibrium price and quantity in the world wheat market. Also explain why Canadian wheat farmers certainly benefit from Russia's drought. The following diagrams provide a starting point for your analysis.

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Microeconomics

ISBN: 978-0321866349

14th canadian Edition

Authors: Christopher T.S. Ragan, Richard G Lipsey

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