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Figure 1 shows the short-run effect of a drought in a given time period that affected harmfully the production of wheat in North Dakota. Assuming other things being equal, the wheat supply curve has shifted leftward from S1 to S2 causing equilibrium price to fall from P1=$330 per bushel to P2 = $400 per bushel, and equilibrium quantity to fall from Q1= 200 million bushels to Q2=190 million bushels. Referring to Figure 1, which of the following is true?
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
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