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WAEC Agricultural Science 2019 Question 47

Question 47

Basic Agricultural Economics

Study the graph illustrated below.
The graph best

Diagram for this question
  1. A.shows an increase in the supply of rice.
  2. B.describes a shift in the demand for rice.
  3. C.describes the equilibrium price for rice.
  4. D.shows that the demand for rice exceeds supply.
Show the answer and explanation

Answer: C (describes the equilibrium price for rice.)

Explanation

Where the demand and supply curves cross is the equilibrium point.