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equilibrium price Domestic demand and supply for wheat are given by: Qd = 1000 - 20P Qs = 500 + 30P Suppose that supply declines

equilibrium price

Domestic demand and supply for wheat are given by: Qd = 1000 - 20P Qs = 500 + 30P Suppose that supply declines by 40 percent. The equilibrium price will increase by: O A. $5.25 O B. $3.64 O C. $8.42 O D. $2.00

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