Suppose That the Market for Soybeans Is Initially in Equilibrium

question 17

Multiple Choice

Suppose that the market for soybeans is initially in equilibrium. Further suppose that there is a decrease in the price of fertilizer. Which of the following accurately describes the new equilibrium?

• A)The equilibrium price will rise; the equilibrium quantity will fall.
• B)The equilibrium price will rise; the equilibrium quantity will rise.
• C)The equilibrium price will fall; the equilibrium quantity will fall.
• D)The equilibrium price will fall; the equilibrium quantity will rise.

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