Chapter 24: Assignment 2: "How and Where is Price Established"

Read the article on "How and Where is Price Established" by S. Meyer, R. Plain, and G. Grimes.

  1. Explain why the long-run supply curve differs from the short-run supply curve in the market for hogs. Which is more elastic? Explain.
  2. Discuss the factors explaining the long-run trends in hog prices. Which of these factors involve shifts in demand? Which involve shifts in long-run supply?
  3. Explain why cycles might be present in hog prices.
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