Select the letter of the diagram in Figure 28.1 that best represents the effect of each event on the United States wheat market,ceteris paribus: A bumper wheat crop in the midwest.(See Figure 29.4. )
A)a.
B)b.
C)c.
D)d.

Question

Select the letter of the diagram in Figure 28.1 that best represents the effect of each event on the United States wheat market,ceteris paribus: A bumper wheat crop in the midwest.(See Figure 29.4. )
A)a. 
B)b. 
C)c. 
D)d.

Quizplus · Accepted Answer

Diagram b in Figure 28.1 represents a rightward shift in the supply curve due to a bumper crop, resulting in lower prices and higher quantity supplied. This matches the effect of a bumper wheat crop in the midwest on the US wheat market.

Select the Letter of the Diagram in Figure 28