Unformatted text preview: b. Graph the demand for wheat and the supply of wheat. Be sure to label the axes of your graph correctly. Label equilibrium price P and the equilibrium quantity Q . c. Why will $3.40 not be the equilibrium price in this market? Why not $4.90? “Surpluses drive prices up; shortages drive them down.” Do you agree?...
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- Spring '08
- Supply And Demand, $3.40, $4.90, $3.40 3.70 4.00 4.30 4.60 4.90 Thousand