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Suppose demand for soy beans, which are sold in a perfectly competitive market, permanently increases. What will happen to the price and quantity of soy beans in the long-run

Suppose demand for soy beans, which are sold in a perfectly competitive market, permanently increases. What will happen to the price and quantity of soy beans in the long-run
asked 14.1k views
3 votes
Suppose demand for soy beans, which are sold in a perfectly competitive market, permanently increases. What will happen to the price and quantity of soy beans in the long-run

asked
User Frank Nielsen
by
8.3k points

1 Answer

5 votes

Answer:

price will increase and the quantity will fall over time

answered
User MaxPi
by
8.2k points
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