The Market for Soybeans Is Characterized by = 16

question 31

Multiple Choice

The market for soybeans is characterized by = 16 - P_s + P_c and = P_s, where Q_s is the quantity of soybeans in millions of bushels, P_s is the price per bushel of soybeans, and P_c is the price per bushel of corn. The market for corn is characterized by = 40 - P_c + P_s and = P_c, where Q_c is the quantity of corn in millions of bushels. In general equilibrium, what is the equilibrium quantity of soybeans?

• A) 42 million bushels
• B) 18 million bushels
• C) 24 million bushels
• D) 30 million bushels

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Definitions:

Ages

The different stages of life through which an individual progresses, from birth to death.

Birth Order

The order in which siblings are born, an important concept in Alfred Adler’s psychology.

Conscientiousness

A personality quality that embodies a person's prowess in organization, steadfastness, and a considerable sense of duty.

Agreeableness

A personality trait that involves being warm, friendly, and tactful, and having a positive outlook towards others.