Suppose that, over a period of six months, the price of corn increased. Yet, the quantity of

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Suppose that, over a period of six months, the price of corn increased. Yet, the quantity of corn sold by producers decreased. Does this contradict the law of supply? If not, why not?

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Microeconomics

ISBN: 978-0073375854

2nd edition

Authors: Douglas Bernheim, Michael Whinston

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Question Posted: Mar 17, 2016 04:47 AM

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Suppose that, over a period of six months, the price of corn increased. Yet, the quantity of

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This does not contradict the law of supply For example farmers may have expe...View the full answer

Microeconomics

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