What would happens to the market price of wheat

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Suppose the market for wheat is perfectly competitive. Fed up with low prices, a wheat grower in Texas decides he won't take his output to market and, instead, dumps all his wheat into the Red River. What happens to the market price of wheat?

Use examples to distinguish between the resource market and the product market in the circular flow model. As we read this week, how does the circular flow model illustrate how our economy works?

Reference no: EM1351136

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What would happens to the market price of wheat : Suppose the market for wheat is perfectly competitive. Fed up with low prices, a wheat grower in Texas decides he won't take his output to market and, instead, dumps all his wheat into the Red River. What happens to the market price of wheat?

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