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Using standard demand and supply curves, describe the effects on equilibrium price and quantity of each of these changes in the particular commodity market. a.
Using standard demand and supply curves, describe the effects on equilibrium price and quantity of each of these changes in the particular commodity market.
a. Easing drought conditions in the Black Sea wheat belt are causing world wheat production to recover.
b. China is consuming nearly a quarter of the U.S. soybean crop to deed its hogs and chickens that are demanded by its expanding middle class.
c. Farmers have typically responded to high prices by planting more land.
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