Given a normal situation, what effect will an increase in the supply of cowpea have on its market price? The price

If the supply of cowpea increases in a normal situation, the market price of cowpea is likely to decrease. This is because when there is an increase in supply, there is a surplus of cowpea, and sellers will have to compete to sell their products. As a result, they will lower their prices to attract buyers, leading to a decrease in market price. On the other hand, if the supply of cowpea decreases, there will be a shortage of cowpea, and buyers will have to compete to purchase the limited available quantity. As a result, the market price of cowpea will increase. Therefore, in a normal situation, the market price of cowpea is directly influenced by the supply of cowpea. An increase in supply leads to a decrease in market price, while a decrease in supply leads to an increase in market price.