In 2017, the price of cotton rose in Egypt and some farmers planned to switch from growing

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In 2017, the price of cotton rose in Egypt and some farmers planned to switch from growing rice to growing cotton.

a. Does this fact illustrate the law of demand or the law of supply? Explain your answer.

b. Why would rice cultivation decrease?

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Economics

ISBN: 9781292433639

14th Global Edition

Authors: Michael Parkin

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Question Posted: Jan 27, 2024 10:02 PM

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In 2017, the price of cotton rose in Egypt and some farmers planned to switch from growing

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a This fact illustrates the law of supply The law of supply states that if all other factors remain ...View the full answer

Economics

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