Question: Question 2 8 pts Using the combined supply and demand graph for soybean below, show how the following event will affect this market: - Event:

Question 2 8 pts Using the combined supply and demand graph for soybean below, show how the following event will affect this market: - Event: Farmers who are currently supplying soybean on all their land witness a sharp increase in price of corn. (The graph is presented only to help you visualize the market equilibrium, you need not reproduce it). Question 1: Will this event affect the demand (curve) g the supply (curve)? Question 2: Will it increase g decrease? Question 3: Will equilibrium price increaseg decrease? Question 4: Will equilibrium quantity increase g decrease? Price P1 So beans Q 3' > > > >Answer in the format shown below: Question 1: (demand/supply) will be affected. Question 2: (demand/supply) will.. (increase/decreases). Question 3: Price will (increase/decrease) Question 4: Equilibrium quantity will (increase/decrease)

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