Question

Please give an explanation as to why this is the correct answer!!

Last year, 17 million tons of beans were sold for $300 per ton. This year, 17 million tons of beans were sold for $285 a ton. Which of the following changes in demand and supply could have caused this outcome?

Answer: Demand decreased, supply increased.

Answer 1

Answer:

Demand decreased, so they had to sell at a lower price to attract buyers. They sold the exact same amount as last year, but they made less profit.