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Which of the following is a result or implication of the cobweb model of supply and demand?
Which of the following is a result or implication of the cobweb model of supply and demand?
a.Choosing to plant potatoes when other farmers are planting carrots makes it harder for producers to cooperate.
b.After a temporary supply shock, the price will always converge back to the original equilibrium
c.Production lags distort the price that a producer thinks they will receive compared to the price that they actually receive for selling their goods.
d.An individual producer's supply decision should have nothing to do with what other producers are doing.
