The Following Graph Shows the Market Equilibrium for Corn in the United

question 94

Multiple Choice

The following graph shows the market equilibrium for corn in the United States. If the world price of corn is $2 and there are no trade restrictions, the United States will:

• A) produce 3,000 bushels of corn, consume 7,000 bushels of corn, and import 4,000 bushels of corn.
• B) produce 3,000 bushels of corn, consume 7,000 bushels of corn, and export 4,000 bushels of corn.
• C) have an excess supply of corn.
• D) produce 7,000 bushels of corn.
• E) produce 5,000 bushels of corn, consume 7,000 bushels of corn, and import 2,000 bushels of corn.

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