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a) Where is the quantity axis on the graph? Mark it with figure 1.
b) Where is the price axis on the graph? Mark it with figure 2.
c) Point to the position of the demand curve at a lower price. Mark it with figure 3.
d) Point to the position of the demand curve at a lower quantity. Mark it with figure
Дайте развернутый ответ по ситуации
Suppose that the wheat crop is hit by a drought. Think and explain the adjustment in the price of wheat in the short run and the long run. Describe how the price of bread is affected in the short run and the long run.
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