A Hailstorm Kills All of the Wheat in Minnesota

question 23

Multiple Choice

A hailstorm kills all of the wheat in Minnesota. What will happen to the price and quantity of wheat sold in the U.S.?

• A)Equilibrium price falls, equilibrium quantity increases.
• B)Equilibrium price rises, equilibrium quantity falls.
• C)Equilibrium price falls, equilibrium quantity falls.
• D)Equilibrium price rises, equilibrium quantity rises.

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Definitions:

Received Monthly

Regular payments or incomes that are received every month, often related to salaries, benefits, or recurring revenue streams.

Received Quarterly

Pertaining to events or payments that occur once every three months.

Thirty Year Mortgage

A long-term mortgage loan typically repaid over a period of 30 years, with fixed or variable interest rates.

Monthly Payment

A regularly scheduled payment, typically used in the context of loans, that is made every month.