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14 March, 12:03

Suppose that an increase in production costs decreases the supply of wheat, such that wheat is supplied at each price level. The new equilibrium quantity (after the decrease in supply) is

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  1. 14 March, 12:21
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    Suppose that an increase in production costs decreases the supply of wheat, such that less wheat is supplied at each price level. The new equilibrium quantity (after the decrease in supply) is increased.
  2. 14 March, 12:30
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    The answer is that it increases.
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