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

question 37

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 price floor to achieve their goal.What is the size of the consumer surplus?

• A) $4 billion
• B) $8 billion
• C) $10 billion
• D) $6 billion

---

Definitions:

Hydrogen Atmosphere

An environment or a setting that predominantly contains hydrogen gas (H2).

Efficiency

The ratio of the useful output of a system to the input, expressed in percentage, indicating the system's ability to convert energy or resources into output effectively.

Cooling

The process of removing excess heat from a system to maintain optimal operating conditions, often critical in electrical and electronic systems to prevent overheating.

Synchronoscope

An instrument used to determine the exact point at which two alternating currents achieve synchronism, often used in the synchronization of generators.