Asked by
David Ronnel
on Dec 11, 2024Verified
What impact would a severe drought that destroys the wheat crop in several areas of the United States have on the market for wheat?
A) The supply of wheat would fall.
B) The supply of wheat would rise.
C) The demand for wheat would fall.
D) The demand for wheat would rise.
Severe Drought
An extended period of exceptionally low rainfall, leading to a shortage of water.
Wheat Crop
Wheat crop refers to the cultivation of wheat plants for the purpose of producing wheat grains, which are a staple food in many countries and used in making flour for bread, pasta, and other products.
Supply
The total amount of a product or service available for purchase at any given price.
- Acquire knowledge about the factors driving changes in supply and demand.
- Understand how natural disasters influence supply and demand dynamics.
Verified Answer
AO
Learning Objectives
- Acquire knowledge about the factors driving changes in supply and demand.
- Understand how natural disasters influence supply and demand dynamics.