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Consider the market for soybeans. The following graph shows the weekly demand for soybeans and the weekly supply of soybeans. Suppose a blight occurs that
Consider the market for soybeans. The following graph shows the weekly demand for soybeans and the weekly supply of soybeans. Suppose a blight occurs that destroys a significant portion of soybean crops.
Show the effect this shock has on the market for soybeans by shifting the demand curve, supply curve, or both.
Note: Select and drag one or both of the curves to the desired position. Curves will snap into position, so if you try to move a curve and it snaps back to its original position, just drag it a little farther.
30 O Demand 24 Supply 0 18 Supply PRICE (Dollars per bushel) 12 Demand 6 0 6 12 18 24 30 QUANTITY (Millions of bushels)Step by Step Solution
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