The Market Demand Function for Wheat Is Q^d = 10

question 40

Multiple Choice

The market demand function for wheat is Q^d = 10 - 2P and the market supply function is Q^s = 4P - 2,both measured in billions of bushels per year.Suppose the government wants to increase the price of wheat to $3/bushel and they impose a voluntary production reduction program to achieve their goal.What is the size of the aggregate surplus?

• A) $4 billion
• B) $12 billion
• C) $10 billion
• D) $6 billion

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Definitions:

Black Nationalism

A political and social movement seeking to promote, develop, and maintain a black race identity and to achieve self-determination and sovereignty for black people.

Malcolm X

An African American Muslim minister, public speaker, and human rights activist who advocated for the rights of blacks, often by any means necessary.

United Negro Improvement Association (UNIA)

A black nationalist fraternal organization founded by Marcus Garvey, aimed at promoting African American economic independence and fostering a sense of African pride.

NAACP

Stands for the National Association for the Advancement of Colored People, an influential civil rights organization in the United States founded in 1909 to fight prejudice, lynching, and Jim Crow segregation.