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-(Figure: The Demand and Supply of Wheat)Use Figure: The Demand and Supply of Wheat.If there is a decrease in supply of 2,000 bushels per period at each price,the equilibrium price and quantity will be _____ and _____ bushels per period,respectively.
A)$5;5,000
B)$7;5,000
C)$6;4,000
D)$8;6,000

Question

Use the following to answer question: 
-(Figure: The Demand and Supply of Wheat)Use Figure: The Demand and Supply of Wheat.If there is a decrease in supply of 2,000 bushels per period at each price,the equilibrium price and quantity will be _____ and _____ bushels per period,respectively.
A)$5;5,000 
B)$7;5,000 
C)$6;4,000 
D)$8;6,000

Quizplus · Accepted Answer

A decrease in supply shifts the supply curve to the left, leading to a higher equilibrium price and a lower equilibrium quantity. The new equilibrium price is $7, and the equilibrium quantity is 5,000 bushels per period.

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