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A graphical description of what happens to the equilibrium price and equilibrium quantity when there is a massive flood.

For the products shown in CAPITAL LETTERS, indicate whether equilibrium price and equilibrium quantity would rise or fall, and why. Be specific in addressing both equilibrium price and quantity. Before answering you may want to take a sheet of paper and sketch a supply and demand graph. In each case, make only one shift of either the supply or demand curve. Then note the change in equilibrium price and quantity.

A massive flood destroys 80% of Nebraska's wheat crop. WHEAT.

 

Business Economics, Economics

  • Category:- Business Economics
  • Reference No.:- M922588

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