Use the Following Table to Answer the Following Questions

question 21

Multiple Choice

Use the following table to answer the following questions.
Market for Corn

-If the price ceiling for corn is $2.50,what amount and type of disequilibrium would be present in the market for corn?

• A) There would be neither a shortage nor a surplus.
• B) There would be a surplus of 61,000.
• C) There would be a shortage of 61,000.
• D) There would be a shortage of 186,000.
• E) There would be a shortage of 125,000.

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Definitions:

Standard Form

A commonly accepted or prescribed format for presenting an argument, document, or mathematical expression.

Proposition

An affirmation that offers an opinion or judgment.

Implicit Memory

Unconscious recall, generally of habits and skills; sometimes called procedural memory.

Explicit Memory

Intentional and conscious memory, generally of facts, names, and events.