About the wheat production plans

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Reference no: EM13978314

In the summer of 1972, due to extensive crop failure in the (former) Soviet Union, Russia spent over $1 billion to purchase American wheat. Since the American crop had been completely harvested when the Russian deal was made, American farmers were unable to alter their wheat production plans for that year. What happened to price and quantity in the American wheat market?

a. Price increased, quantity increased

b. Price increased, quantity remained the same

c. Price remained the same, quantity increased

d. Price change uncertain, quantity change uncertain

Reference no: EM13978314

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