Suppose both buyers and sellers of wheat expect the price of wheat to rise in the near future. What would we expect to happen to the equilibrium price and quantity in the market for wheat today ?

Related Mcqs:

Suppose a frost destroys much of the Florida orange crop. At the same time, suppose consumer tastes shift toward orange juice, What would we expect to happen to the equilibrium price and quantity in the market for orange juice ?

A. price will decrease, quantity is ambiguous B. The impact on both price and quantity is ambiguous. C. Price will increase, quantity will increase D. price will increase, quantity will decrease E. price will increase, quantity is ambiguous....

Economists use the term Black Markets for situations where ?

A. goods are sold at prices above legal or official price. B. buyers and/or sellers are not paying taxes as they should C. illegal substances are sold D. transactions are not recorded in the GDP figures....

The allocation of resources is not efficient if ?

A. the marginal cost of production does not equal society’s marginal benefit B. the distribution is inequitable C. economic growth is low D. unemployment is high...

If the price in a market is fixed by the government above equilibrium ?

A. There is excess equilibrium B. There is excess supply C. There is excess demand D. There is equilibrium...

In the insurance industry, high-risk customers are more likely to take out insurance. This is an example of ?

A. moral hazard B. risk aversion C. adverse selection D. a poor gamble...