The following two graphs depict the equilibrium price of a pound of grapes in California and West Virginia, respectively. Assume the type and quality of the grapes being sold in the two states are identical. Further, assume grape sellers incur zero costs to transport grapes between the two states and there are no other barriers to trade. Use these graphs to answer the next questions.
- According to the law of one price, the supply curve in the California grape market will shift to the ________, and the supply curve in the West Virginia grape market will ________.
Definitions:
Set of Equations
A group of equations that are solved together, where each equation may have multiple variables.
Graphically
Representing data or information using visual elements such as charts, graphs, or diagrams.
Set of Equations
A collection of mathematical equations that are related by one or more variables, often used to solve multi-variable problems.
Pair of Equations
Two equations that are considered together, often used to find the solution to a set of variables in math.
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