When new farmers enter the wheat industry, the equilibrium price of wheat

Question

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When new farmers enter the wheat industry, it increases the supply of wheat in the market. According to the law of supply and demand, an increase in supply, with demand remaining constant, leads to a decrease in the equilibrium price. This is because more farmers are producing wheat, leading to a greater availability of wheat in the market, which puts downward pressure on the price.

When New Farmers Enter the Wheat Industry, the Equilibrium Price