India is on the brink of a drought If paddy crops fail, then discuss the impact on the equilibrium - Economics - Market Equilibrium

Question

India is on the brink of a drought If paddy crops fail, then
discuss the impact on the equilibrium price of rice Use a diagram

Vaishali Nebhwani · Accepted Answer

Dear student,

With fail in paddy crop, the quantity of rice will fall a fall in
quantity will in turn increase price of rice

The supply curve will shift left due to a fall in the quantity of
rice Therefore, the price will rise

Regards

India is on the brink of a drought. If paddy crops fail, then discuss the impact on the equilibrium price of rice. Use a diagram.