Business, 14.06.2020 08:57 hernandezbrandon059
Interpret the following statement: "An increase in the price of wheat will encourage farmers to
increase the quantity of wheat supplied to the market."
A. The statement is correct.
B. The statement would be correct if "quantity of wheat demanded" were substituted for "quantity of
wheat supplied"
C. The statement is incorrect because it confuses a change in quantity supplied with a change in supply.
D. The statement would be correct if it read that a "decrease in the price of wheat will encourage
farmers to increase the quantity of wheat supplied to the market."
Answers: 3
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Interpret the following statement: "An increase in the price of wheat will encourage farmers to
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