GACE Agriculture (709) Practice Questions - GACE Agricultural Education Assessment (Test Codes 209, 309, Combined 709) Exam

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In an agricultural commodity market, the price of fresh peaches falls sharply after an unusually large harvest. According to the law of supply and demand, what is the most direct cause of this price decrease?

Supply has increased relative to demand, pushing the equilibrium price down Demand has increased relative to supply, pulling the equilibrium price down Both supply and demand fell equally, eliminating any market for peaches The opportunity cost of growing peaches increased for all producers

Correct Answer:

Supply has increased relative to demand, pushing the equilibrium price down

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