The Data Shows the Demand and Supply for Wheat

question 47

Multiple Choice

The data shows the demand and supply for wheat:
quantity of bushels per year (in million)

-Refer to the information above to answer this question.What would happen if the government were to establish a price floor of $16 per bushel of wheat?

• A)The price floor would stay at $16 and there would be no surplus in the market.
• B)The equilibrium price would rise to $16 and there would be shortage in the market.
• C)The quantity demanded would increase to 15 million bushels.
• D)There would be a surplus of 10 million bushels of wheat.
• E)The wheat buyers would have difficulty finding sufficient wheat in the market.

Calculate profit goals as a return on invested assets and understand its impact on pricing strategies.

Understand and apply the markup percentage concept in cost-plus pricing.

Determine the most profitable product under resource constraints.

Distinguish between variable and fixed costs in pricing decisions.

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Definitions:

Hardware

The visible parts of a computer system (keyboard, disk drive, monitor, and printers).

Software

Computer programs necessary for directing the computer hardware to perform specific functions; refers to the application programs containing instructions to the computer that enable it to perform tasks. A computer, by itself, cannot do anything without software for accessing and inputting data.

CPU

The Central Processing Unit, also known as the CPU, is the main element of a computer responsible for executing the majority of computations within the system.

Hardware

The physical components of a computer system, including the processor, memory devices, and peripherals.