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

question 13

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 aggregate surplus?

• A) $4 billion
• B) $8 billion
• C) $10 billion
• D) $12 billion

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Definitions:

Psychosexual Theory

A theory proposed by Sigmund Freud that suggests human development occurs in stages, each characterized by sexual pleasure centered on a particular erogenous zone.

Sociocultural Perspective

A viewpoint in psychology that examines how social interactions and cultural contexts influence behaviors and mental processes.

Neo-Freudians

Psychologists who followed Freud but diverged from his ideas, emphasizing social influences and conscious thoughts more than sexual drives.

Carl Jung

A Swiss psychiatrist and psychoanalyst who founded analytical psychology.