In early 2014, China decided to cancel the 1.2 million ton rice import contract with Thailand. Using demand and supply analysis, answer the following...

 In early 2014, China decided to cancel the 1.2 million ton rice import contract with Thailand. Using demand and supply analysis, answer the following questions with supporting graphs.

   What will be the effect of the cancellation of the import contract on the equilibrium price and quantity of rice in Thailand?