Exhibit 4-11 Data on Supply and Demand

question 63

Multiple Choice

Exhibit 4-11 Data on supply and demand

• A) Buyers would want to purchase more wheat than is supplied.
• B) Buyers would not purchase all of the wheat grown.
• C) Shortage of wheat would increase the price of wheat.
• D) Farmers would grow less wheat.

Bushels demanded per month	Price per bushel	Bushels supplied per month
45	$5	77
50	4	73
56	3	68
61	2	61
67	1	57

Which of the following would occur if the government imposed a price floor (support price) of $4 per bushel in the wheat market shown in Exhibit 4-11?

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Definitions:

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