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For each of the following scenarios, determine whether supply or demand is impacted. Then draw a graph to show the impact and offer a brief
For each of the following scenarios, determine whether supply or demand is impacted. Then draw a graph to show the impact and offer a brief explanation. Keep in mind that there may also be impacts on quantity supplied and quantity demanded.
Farmers can grow corn or soybeans in their fields as substitutes in production. The price of soybeans goes up. What impact will this have on the market for soybeans? What about corn?
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