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Bumek [7]
2 years ago
13

Assume a drought in the Great Plains reduces the supply of wheat. Noting that wheat is a basic ingredient in the production of b

read and potatoes are a consumer substitute for bread, we would expect the price of wheat to:
a. rise, the supply of bread to decrease, and the demand for potatoes to increase.
b. rise, the supply of bread to decrease, and the demand for potatoes to decrease.
c. rise, the supply of bread to increase, and the demand for potatoes to increase.
d. fall, the supply of bread to increase, and the demand for potatoes to increase.
Business
1 answer:
tatyana61 [14]2 years ago
3 0

Answer: a. rise, the supply of bread to decrease, and the demand for potatoes to increase.

Explanation:

According to the Economic law of SUPPLY AND DEMAND, less supply means HIGHER prices simply because the good is becoming scarce not unlike fuel during global oil shortages.

Now, we are told that the drought reduced the supply for wheat which means the SUPPLY of wheat has DECREASED and this will translate to the SUPPLY of Bread DECREASING as well. According to the aforementioned law, prices of Bread will therefore RISE.

Since Bread prices have risen, people will seek alternatives to bread as they may not want to pay the high price. This will lead them to choosing the alternative to bread which in this case are Potatoes which would therefore INCREASE the DEMAND for potatoes.

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Answer:

The correct answer is: Build-up approach .

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3 0
3 years ago
Which following statement about FAFSA process are TRUE?
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3 0
3 years ago
If the purpose of a licensing statute is to raise revenue, a contract with an unlicensed professional may be enforceable.
pishuonlain [190]

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3 0
1 year ago
Last year a city received notice of a $150,000 grant from the state to purchase vehicles to transport physically challenged indi
Slav-nsk [51]

Answer:

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Government entities have to record grant revenue during the period that they occur. The city received notice of this grant last year, so they recorded the grant revenue in last year's financial statements. If they recognize any grant revenue this year, it must come from a new grant.

7 0
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As there is non essential elective surgeries, as from government's point of view since it is non essential that is not required and not utilized by major citizens of the country, and since there is requirement of budget cut-down. The government shall remove elective surgery.

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