The U.S. Department of Agriculture pegs total U.S. corn supplies in 2023-24 to rise 10% on the year, while soybean inventory is seen shrinking 3%." Suppose that due to past conditions, the supply of corn is expected to be high and the supply of soybeans is expected to be low.

a) Briefly explain why high supply conditions in an industry might lead the typical firm (i.e., farm) to experience low profits in the short run, while low supply conditions in an industry might lead the typical firm to experience high profits in the short run. Your response may include an optional diagram.