Question

2. A drought decreases the supply of agricultural products, which means that at any given price a la
be supplied; conversely, especially good weather would shift the
A. demand curve to the right
B. supply curve to the left
C. supply curve to the right
D. demand curve to the left
Explain this statement

Answer 1

A drought decreases the supply of agricultural products, which means that at any given price a lower quantity will be supplied; conversely, especially good weather would shift the 21. A. demand curve to the right B. supply curve to the left C. supply curve to the right D. demand curve to the 22. According to the law of supply A. there is a direct relationship between price and the quantity supplied. B. there is an inverse relationship between price and the quantity supplied. C. there is a direct relationship between price and quantity demanded. D. there is an inverse relationship between price and quantity 23. Interpret the following statement: "An increase in the price of wheat will encourage farmers to increase the quantity of wheat supplied to the market." The statement is correct. "quantity of wheat supplied." supply. farmers to increase the quantity of wheat supplied to the market." A. B. The statement would be correct if "quantity of wheat demanded" were substituted for C. The statement is incorrect because it confuses a change in quantity supplied with a change in D. The statement would be correct if it read that a "decrease in the price of wheat will encourage