The market for chicken is shown below. Equilibrium price and quantity are $15and 8 chicken, respectively. Assume that the price of grains decreases (grainsis an important input for chicken harvesting). Explain the adjustment processin the chicken market after the shock to the new equilibrium.
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The market for chicken is shown below.
and 8 chicken, respectively. Assume that the price of grains decreases (grains
is an important input for chicken harvesting). Explain the adjustment process
in the chicken market after the shock to the new equilibrium.
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