Use the Following to Answer Questions

question 99

Multiple Choice

Use the following to answer questions:
Figure: Foreign Trade Market
-(Figure: Foreign Trade Market) Refer to the figure. What is the dollar value of wasted resources as a result of prohibiting trade in this market?

• A) $10,000
• B) $4,000
• C) $7,500
• D) $6,000

---

Definitions:

Market for Corn

The economic market where corn is bought and sold, with its price determined by the principles of supply and demand.

Price

The amount of money required to purchase a good or service.

Quantity Supplied

Represents the amount of a good or service that producers are willing and able to sell at a given price over a specified period.

Demand and Supply Increases

A situation where both the demand and supply for a good or service rise, affecting its market equilibrium.