If the demand for maple syrup increases, what will happen to price, quantity, and the economic profit
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If the demand for maple syrup increases, what will happen to price, quantity, and the economic profit of a producer in the short run and in the long run?
Quebec losing hold over maple syrup industry to U.S. competition The Federation of Quebec Maple Syrup Producers tries to limit production and stockpiles a “strategic reserve” to keep the price of syrup high. But Quebec producers are feeling increased competition from Vermont, New York, and Maine, where market share has increased and is expected to increase further in 2017 and 2018.
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