Use the Following to Answer Question

question 162

Multiple Choice

Use the following to answer question:
-(Figure: The Demand and Supply of Wheat) Use Figure: The Demand and Supply of Wheat.If there is an increase in demand of 2,000 bushels per period at each price,the equilibrium price and quantity will be _____ and _____ bushels per period,respectively.

• A)$5;5,000
• B)$6;7,000
• C)$7;7,000
• D)$8;8,000

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Definitions:

CISG

The Convention on Contracts for the International Sale of Goods by the United Nations, is a treaty establishing a standardized framework for global trade.

Contractual Obligations

Duties that a party is legally required to perform as specified in a contract, failure of which may lead to legal consequences.

Immediate Delivery

The rapid transfer of goods or securities from seller to buyer without delay.

Sales Commissions

Payments made to salespersons, which are typically a percentage of the sales they generate.