In 2008, the price of soybeans was $3.50 a bushel, and the Jones family farm planted 7,500
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Question:
In 2008, the price of soybeans was $3.50 a bushel, and the Jones family farm planted 7,500 acres of
them. In 2009, although the price of soybeans fell to $3.25 a bushel, the Jones family farm planted 8,200
acres of them. Use the concepts of a shift in the supply curve versus a movement along the supply curve
to explain why this increase in soybean acreage does not represent a violation of the law of supply.
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