The USWheat Market Is Represented by the Demand and Supply Curves

question 72

Multiple Choice

The U.S.wheat market is represented by the demand and supply curves shown in the figure below.

Initially,suppose there is no trade in wheat between the United States and the rest of the world.In this case,consumer surplus is represented by the area ________ and producer surplus is represented by the area ________ in the figure below.

• A) A; B
• B) A + B + C; 0
• C) A; B + C
• D) 0; A + B + C

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Definitions:

Lock

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