The Market for Soybeans Is Initially in Equilibrium,with an Upward-Sloping

question 175

Multiple Choice

The market for soybeans is initially in equilibrium,with an upward-sloping supply curve and a downward-sloping demand curve.Because of mad cow disease,producers decide to replace bone meal with soybeans in cattle feed.The likely effect is that the:

• A)equilibrium price and quantity of soybeans will rise.
• B)equilibrium price and quantity of soybeans will fall.
• C)equilibrium quantity of soybeans will rise,but we can't determine what will happen to the equilibrium price.
• D)equilibrium price of soybeans will rise,but we can't determine what will happen to the equilibrium quantity.

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