Use the Following Table to Answer the Following Questions

question 28

Multiple Choice

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

-What will be the amount of government expenditure required if a price floor for corn is set at $4.50 and the government agrees to purchase the amount of disequilibrium?

• A) $202,500
• B) $45,000
• C) no government payment required
• D) $10,000
• E) $900,000

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Definitions:

Means

The average that is derived by adding up all the values of a given series and dividing by the number of values.

Teaspoon

A small spoon typically used for measuring or stirring liquids, equivalent to about 5 milliliters in capacity.

Abbreviation

The shortened form of a word or phrase, used to simplify longer terms without losing their meaning.

Deci-

A metric prefix denoting a factor of one tenth.