The Market for Wapanzo Beans

Quantity Demanded $\quad$ $\quad$ $\quad$

question 229

Multiple Choice

The Market for Wapanzo Beans

Quantity Demanded $\quad$$\quad$$\quad$$\quad$$\quad$ Price $\quad$$\quad$$\quad$ Quantity Supplied
(millions of pounds $\quad$$\quad$$\quad$$\quad$$\quad$ (dollars per $\quad$ (millions of pounds
peryear) $\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$ pound) $\quad$$\quad$$\quad$ peryear)
$\begin{array}{|l|l|l|l|l|l|l|l}\hline \text { Case 1} & \text { Case 2} & \text { Case 3} & & \text { Case A } & \text {Case B} & \text { Case C } \\\hline 15 & 10 & 15 & \$ 1 & 1 & 2 & 3 \\\hline 12 & 8 & 4 & \$ 2 & 2 & 4 & 6 \\\hline 9 & 6 & 3 & \$ 3 & 3 & 6 & 9 \\\hline 6 & 3 & 2 & \$ 4 & 4 & 8 & 12 \\\hline 3 & 2 & 1 & \$ 5 & 5 & 10 & 15 \\\hline\end{array}$
-Refer to the table above. Suppose that in normal years demand is represented by Case 2 and supply is represented by Case B. In a normal year the price of wapanzo beans will be

• A) $3 per pound.
• B) $2 per pound.
• C) $1 per pound.
• D) $4 per pound.

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Definitions:

Expectations

Beliefs or hopes concerning what is possible or likely to happen in the future.

Equity

In a social context, it refers to fairness and justice in the distribution of resources and opportunities among all individuals.

Responsibility

The state or fact of having a duty to deal with something or of having control over someone.

Psychology Of Persuasion

Study of how people are influenced to change their attitudes or behaviors by messages and communication techniques.