This table provides data on the quantity of maple syrup traded and its price:
Between 2020 and 2021, the quantity of maple syrup traded decreased from 1.95 million gallons to 1.54 million gallons. Over the same period, the price of a gallon of maple syrup rose from $40 to $52.
What is the relationship between maple sap and maple syrup?
Because maple sap is used to produce maple syrup, maple sap is called a factor of production.
What happened to the supply of maple sap?
When an early warm spell in Vermont—the top maple syrup-producing state in the United States—shortened the season for collecting maple sap, the supply of maple sap decreased. Because maple sap is a factor of production used to produce maple syrup, a decrease in the supply of maple sap brings a decrease in the supply of maple syrup.
How does a decrease in the supply of maple syrup explain these data?
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Can another change in demand or supply explain these data?
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