Author Question: Consider the global market for barley, an agricultural commodity. Suppose that in August 2020, the ... (Read 61 times)

yulisa3298 · **on:** Oct 12, 2022

Consider the global market for barley, an agricultural commodity. Suppose that in August 2020, the equilibrium price and quantity were P = $150 per tonne and Q = 350 million tonnes. In August 2021, the equilibrium price and quantity were P = $140 per tonne and Q = 325 million tonnes. Which of the following is the best possible explanation for this change in market equilibrium?
◦ There has been an increase in supply of barley.
◦ There has been a simultaneous increase in demand and increase in supply of barley.
◦ There has been a decrease in supply of barley.
◦ There has been an increase in demand for barley.
◦ There has been a decrease in demand for barley.

studyforce.com · **Reply #1 on:** Oct 12, 2022

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