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Microeconomics

13th Edition
Roger A. Arnold
ISBN: 9781337617406

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Microeconomics

13th Edition
Roger A. Arnold
ISBN: 9781337617406
Textbook Problem

“The price of a bushel of wheat, which was $3.00 last month, is $3.70 today. The demand curve for wheat must have shifted rightward between last month and today.” Discuss.

To determine

Discuss the shifts of the demand curve.

Explanation

The increase in the price of a bushel of wheat may due to the shift of demand curve and shift of supply curve. The demand and supply are the two important factors that determine the price. If the demand curve of wheat shifts rightward, it leads to increase in the price of wheat...

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