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First, assume that all US produced wheat is consumed domestically and there are no wheat imports. Next assume that the number of Americans who no longer eat wheat increases quickly and unexpectedly from 5% to 50%. Assume that wheat producers compete in perfect competition, and use supply and demand curves to describe the impact (your answer must included one or more graphs). What would happen in the short run to wheat prices and the profits earned by wheat producers? How about the long run?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M940018

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