In the early 2000s a drought in Australia’s rice-growing regions raised the world price of rice from 12 to 24 cents a pound. Demonstrate graphically the effect of the drought on equilibrium price and quantity in the world rice market.

A drought will lead to a leftward shift in the supply curve which results in higher equilibrium price and lower equilibrium quantity supplied.

Explanation: In the early 2000s, Australia's rice growing regions experienced drought which led to an increase in price from 12 to 24 cents a pound. The absence of rain in Australia's rice growing region resulted in a price increase as rain is essential for the growth of crops.

The drought will lead to an increase in price and reduction in quantity supplied in world market. Graphically, a reduction implies that the supply curve shifts to the left indicating that producers are providing less quantity of rice. A leftward shift in the supply curve results in higher equilibrium price and lower equilibrium quantity.

Attached below is the graph.

answer; /// multipotentialite means a person who have many different interests and creative pursuits in life; (one true calling);

polymath; means a person   of wide-ranging knowledge or learning;

scanner; means; a device that captures images from photographic prints,posters,magazine pages.ect;

lawyer < 3 love yahh vic. imu