Consider the Following Demand and Supply Schedules for Some Agricultural

question 1

Multiple Choice

Consider the following demand and supply schedules for some agricultural commodity. $$\begin{array}{l}\begin{array} { | l | l | l | } \hline \text { Price } & \begin{array} { l } \text { Quantity } \\\text { Supplied }\end{array} & \begin{array} { l } \text { Quantity } \\\text { Demanded }\end{array} \\\hline \$ 10 & 300 & 1100 \\\hline \$ 30 & 500 & 900 \\\hline \$ 50 & 700 & 700 \\\hline \$ 70 & 900 & 500 \\\hline \$ 90 & 1100 & 300 \\\hline \$ 110 & 1300 & 100 \\\hline\end{array}\\\text { TABLE 5- } 2\end{array}$$
-Refer to Table 5- 2. Consider the market- clearing equilibrium. If the government then required that production increase to 900 units, the deadweight loss that is created is equal to

• A) $1 000.
• B) $4 000.
• C) $3 000.
• D) $2 000.
• E) $5 000.

---

Definitions:

Opposed Pairs

Terms, concepts, or entities that are directly opposite to each other in meaning or attributes.

Visible Spectrum

The portion of the electromagnetic spectrum that is visible to the human eye, typically encompassing wavelengths from approximately 380 to 750 nanometers.

Primary Colours

Basic colors (red, blue, and yellow) that can be combined to produce a wide spectrum of colors but cannot be created by mixing other colors.

Perceptual Hypothesis

A theory in psychology that explains how sensory information is interpreted to form mental representations of the environment.