Question

Assume an increase in global agricultural production of food due to technology while global population remains the same. Due to the outward shift in global supply of FOOD, what happens to the equilibrium price and quantity for food?

Answer 1

Answer:

The equilibrium price falls and quantity increases

Explanation:

When the supply of food rises without a corresponding increase in demand , there would be an excess supply.

When there's excess supply, prices fall and the quantity produced rises.

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