Between 1950 and 2015, the number of acres devoted to wheat production in the United States ________ and the price of wheat ________.
A) declined; more than doubled
B) more than doubled; increased by about 50 percent
C) declined; decreased
D) increased; more than doubled
Question 2
Refer to Figure 3-4. If the current market price is 25, the market will achieve equilibrium by
A) a price increase, increasing the quantity supplied and decreasing the quantity demanded.
B) a price decrease, decreasing the supply and increasing the demand.
C) a price increase, increasing the supply and decreasing the demand.
D) a price decrease, decreasing the quantity supplied and increasing the quantity demanded.
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