Use the Following Table to Answer the Following Questions

question 21

Multiple Choice

Use the following table to answer the following questions.
Market for Corn

-If the price ceiling for corn is $2.50,what amount and type of disequilibrium would be present in the market for corn?

• A) There would be neither a shortage nor a surplus.
• B) There would be a surplus of 61,000.
• C) There would be a shortage of 61,000.
• D) There would be a shortage of 186,000.
• E) There would be a shortage of 125,000.

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Definitions:

Material Alteration

A significant change that modifies the nature or terms of a document or agreement, potentially affecting its legal obligations or rights.

Figures

Numerical data or statistics, often used for analysis or to illustrate a point.

Check

A written, dated, and signed instrument that directs a bank to pay a specific sum of money to the bearer or a specified person.

FTC Rule 433

Also known as the "Holder in Due Course" rule, which protects consumers entering into credit contracts by preserving their claims and defenses against the seller.