Multiple Choice
The market for soybeans is initially in equilibrium,with an upward-sloping supply curve and a downward-sloping demand curve.Because of mad cow disease,producers decide to replace bone meal with soybeans in cattle feed.The likely effect is that the:
A) equilibrium price and quantity of soybeans will rise.
B) equilibrium price and quantity of soybeans will fall.
C) equilibrium quantity of soybeans will rise,but we can't determine what will happen to the equilibrium price.
D) equilibrium price of soybeans will rise,but we can't determine what will happen to the equilibrium quantity.
Correct Answer:
Verified
Correct Answer:
Verified
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