1.Suppose the price of corn is about to rise, identify the group of market parti

Question

1.Suppose the price of corn is about to rise, identify the group of market participants that will initiate the adjustment process and why they do so. 2. Identify the possible market outcomes at the new equilibrium 1.Suppose the price of corn is about to rise, identify the group of market participants that will initiate the adjustment process and why they do so. 2. Identify the possible market outcomes at the new equilibrium 1.Suppose the price of corn is about to rise, identify the group of market participants that will initiate the adjustment process and why they do so. 2. Identify the possible market outcomes at the new equilibrium

Explanation / Answer

Ans

1 The buyers, sellers because sellers want to maximise profit and buyers want to maximise utipity

2 The price will be higher and output traded will be lower

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