In the figure, the equilibrium price is initially 3 per bushel of wheat. If buyers come to expect that the price of a bushel of wheat will rise in the future, but sellers do not, the current equilibrium price will
A) rise.
B) not change.
C) fall.
D) Perhaps rise, fall, or stay the same, depending on whether there are more demanders or suppliers in the market.
Question 2
In the figure above, the segment of the curve showing where the income effect outweighs the substitution effect is
A) 0a.
B) bd.
C) 0c.
D) cd.
Wheat field versus lavender field
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