Suppose That the Market for Corn Is Initially in Equilibrium $P = 10 - Q ^ { d }$

question 62

Multiple Choice

Suppose that the market for corn is initially in equilibrium and is perfectly competitive. The demand curve can be expressed as $P = 10 - Q ^ { d }$ ; the supply curve can be expressed as $P =$ $0.25 Q ^ { s }$ . Quantity is expressed in millions of bushels. Now suppose that the federal government imposes a price floor of $\$ 3$ per bushel of corn. What is the new equilibrium quantity traded in this market?

• A) \(Q = 8\)
• B) \(Q = 2\)
• C) \(Q = 7\)
• D) \(Q = 3\)

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