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Represent a violation of the law of supply

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In 2004, the price of soybeans was $3.50 a bushel, and the Jones family farm planted 7,500 acres of them. In 2005, although the price of soybeans fell to $3.25 a bushel, the Jones family farm planted 8,200 acres of them. Use the concepts of a shift in the supply curve versus a movement along the supply curve to explain why this increase in soybean acreage does not represent a violation of the law of supply.

Reference no: EM132484670

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