Question: Consider the world market for wheat. Suppose there is a major failure in Russia's wheat crop because of a severe drought. Explain the likely effect

Consider the world market for wheat. Suppose there is a major failure in Russia's wheat crop because of a severe drought. Explain the likely effect on the equilibrium price and quantity in the world wheat market. Also explain why Canadian wheat farmers certainly benefit from Russia's drought. The following diagrams provide a starting point for your analysis.

Quantity of Wheat (thousands of tonnes) Canada Quantity of Wheat (millions of tonnes) World

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