The Market for Soybeans Is Characterized by = 16

question 20

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 is the quantity of corn in millions of bushels. Suppose the government eliminates the ethanol mandate, decreasing the demand for corn by 12 million bushels at any given price. The general equilibrium quantity of corn decreases from:

• A) 32 million to 24 million bushels.
• B) 32 million to 20 million bushels.
• C) 20 million to 11 million bushels.
• D) 24 million to 14 million bushels.

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