In one year, the price of soybeans was $3.50 a bushel, and the Jones family farm...

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In one year, the price of soybeans was $3.50 a bushel, and the Jones family farm planted 7,500 acres of them. The following year, although the price of soybeans fell to $3.25 per bushel, the Jones family farm planted 8,200 acres of them. He uses the concepts of a shift in the supply curve versus a movement along the supply curve to explain why this increase in soybean acreage does not represent a violation of the law of supply. In one year, the price of soybeans was $3.50 a bushel, and the Jones family farm planted 7,500 acres of them. The following year, although the price of soybeans fell to $3.25 per bushel, the Jones family farm planted 8,200 acres of them. He uses the concepts of a shift in the supply curve versus a movement along the supply curve to explain why this increase in soybean acreage does not represent a violation of the law of supply.

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Answer iBecause the law of supply was not violated but may be are not constant Fr... View the full answer