In the Table Given Below,which of the Following Statements Is

question 56

Multiple Choice

In the table given below,which of the following statements is correct regarding the market for corn?
?
$$\begin{array} { | l | c | c | c | c | } \hline & 2008 & 2009 & 2010 & 2011 \\\hline \text { Price } & \$ 2 & \$ 3 & \$ 4 & \$ 4 \\\hline \text { Quantity } & 1,000,000 & 200,000 & 1,000,000 & 2,000,000 \\\hline\end{array}$$

• A)In 2008,there was an excess supply of corn in the economy.
• B)In 2008,the corn market was not in equilibrium.
• C)The weather for corn production was probably better in 2010 than in 2009.
• D)Between 2010 and 2011,both the supply and demand for corn must have increased by the same amount.
• E)Between 2009 and 2010,the demand for corn decreased.

---

Definitions:

Reservation Price

The maximum price a consumer is willing to pay for a good or service, beyond which they would choose not to purchase it.

BMWs

Refers to vehicles manufactured by Bayerische Motoren Werke AG, a German multinational company known for producing luxury vehicles and motorcycles.

Utility Function

A mathematical representation of a consumer's preference ranking for bundles of goods, showing the level of satisfaction derived from each bundle.

Cow Feed

A type of animal feed specifically formulated to meet the nutritional needs of cows.