Consider the Following Demand and Supply Schedules for Some Agricultural

question 46

Multiple Choice

Consider the following demand and supply schedules for some agricultural commodity.
TABLE 5-2
-Refer to Table 5-2.Consider the market-clearing equilibrium.If the government then imposes a production quota of 500 units,the price of this commodity will ________ relative to the free-market equilibrium price.

• A)remain unchanged
• B)rise by $20
• C)fall by $20
• D)rise by $40
• E)fall by $40

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Definitions:

Expressionist Artist

An artist associated with expressionism, an art movement that emphasizes the expression of emotional experience over physical reality.

Gestural Abstraction

Also known as action painting. A kind of abstract painting in which the gesture, or act of painting, is seen as the subject of art. Its most renowned proponent was Jackson Pollock. See also Abstract Expressionism.

Canvas

A durable fabric used as a surface for painting, often stretched across a wooden frame.

Abstract Expressionism

The first major American avant-garde movement, Abstract Expressionism emerged in New York City in the 1940s. The artists produced abstract paintings that expressed their state of mind and that they hoped would strike emotional chords in viewers. The movement developed along two lines: gestural abstraction and chromatic abstraction.