Suppose that in normal years demand is represented by Case 2, and supply is represented by Case B. In a normal year, what is the price of wapanzo beans? Question 14 options: a) $3 per pound b) $4 per pound c) $2 per pound d) $1 per pound Question 15 Suppose that in normal years demand is represented by Case 2, and supply is represented by Case B. In a normal year, what is the equilibrium quantity of wapanzo beans? Question 15 options: a) 8 million pounds b) 4 million pounds c) 6 million pounds d) 2 million pounds Question 16 Suppose that in normal years demand is represented by Case 2, and supply is represented by Case B. If there is a drought in the growing region of the wapanzo bean, then supply will ________ and demand will ________. Question 16 options: a) stay at Case B; become Case 3 b) stay at Case B; become Case 1 c) become Case A; become Case 1 d) become Case A; stay at Case 2
Question 14
Use the following chart to answer questions 14–18.
Suppose that in normal years demand is represented by Case 2, and supply is represented by Case B. In a normal year, what is the price of wapanzo beans?
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Question 15
Suppose that in normal years demand is represented by Case 2, and supply is represented by Case B. In a normal year, what is the
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Question 16
Suppose that in normal years demand is represented by Case 2, and supply is represented by Case B. If there is a drought in the growing region of the wapanzo bean, then
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Question 17
Suppose that in normal years demand is represented by Case 2, and supply is represented by Case B. If there is exceptionally good growing weather in the growing region for the wapanzo bean growing region, then supply will ________ and demand will ________.
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