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Analyze the impact on the equilibrium price and quantity of the following:it was been a bountiful (a lot) harvest for corn. Simultaneously, gas prices were
Analyze the impact on the equilibrium price and quantity of the following:it was been a bountiful (a lot) harvest for corn. Simultaneously, gas prices were going up so additional levels of ethanol (a corn product) were desired to be included in gasoline. What is the impact on the corn market?
a. | The equilibrium price and quantity both increased. | |
b. | The equilibrium quantity went up,but it is unclear what happened with the price. | |
c. | There is no change in the equilibrium. | |
d. | The equilibrium quantity went up and the equilibrium price decreased. |
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