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a. During the 1920s American farmers were expanding production of wheat due to the new technological advances of trucks and tractors. Using economic analysis and
a. During the 1920s American farmers were expanding production of wheat due to the new technological advances of trucks and tractors. Using economic analysis and a correctly labeled supply and demand graph (one graph with both curves on the same graph) (1 pt), show and explain how this change (1 pt) affected the following: i. the price of wheat (1 pt) i. the quantity of wheat produced (1 pt) b. The Great Depression began at the end of that decade. Costs for farmers remained high and the farmers were forced into bankruptcy. The US government responded by establishing a price floor for wheat (1 pt). Using the same graph illustrate the price floor and show and explain what happened to i. the quantity demanded of wheat (1 pt) ii. the quantity supplied of wheat (1 pt) c. What new problem was created as a result of the price floor
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