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.

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Definitions:

Collectivist

Pertaining to cultural or social practices that emphasize the group, community, or collective over the interests of the individual.

Subordination

the act of placing or ranking one thing below another in terms of importance or priority.

Individualist

A person with a preference for independence and self-reliance, often prioritizing personal goals and values over group objectives.

Enacted Norms

Norms that are established through actions and behaviors rather than formally written or spoken; they evolve from a group's habits.