Table 3-3
-Refer to Table 3-3.The table contains information about the corn market.Use the table to answer the following questions.
a.What are the equilibrium price and quantity of corn?
b.Suppose the prevailing price is $9 per bushel.Is there a shortage or a surplus in the market?
c.What is the quantity of the shortage or surplus?
d.How many bushels will be sold if the market price is $9 per bushel?
e.If the market price is $9 per bushel, what must happen to restore equilibrium in the market?
f.At what price will suppliers be able to sell 24,000 bushels of corn?
g.Suppose the market price is $21 per bushel.Is there a shortage or a surplus in the market?
h.What is the quantity of the shortage or surplus?
i.How many bushels will be sold if the market price is $21 per bushel?
j.If the market price is $21 per bushel, what must happen to restore equilibrium in the market?
Definitions:
Prefix
A group of letters added at the beginning of a word to modify its meaning, such as 'un-' in 'unhappy'.
Combining Form
In linguistics and anatomy, a form that combines with another form to create a new word or term, often used in medical terminology.
Suffix
A morpheme added at the end of a word to alter its meaning or create a new word.
Root
The part of a plant that attaches it to the ground and absorbs nutrients and water from the soil.
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