Suppose That the Market for Corn Is Initially in Equilibrium

question 44

Multiple Choice

Suppose that the market for corn is initially in equilibrium and is perfectly competitive.The demand curve can be expressed as ; the supply curve can be expressed as Quantity is expressed in millions of bushels.What is the equilibrium quantity traded and price in this market?

• A) Q = 8; P = 2
• B) Q = 2; P = 8
• C) Q = 7; P = 3
• D) Q = 3; P = 7

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Definitions:

Statistical Robustness

The ability of a statistical method or model to remain effective under a variety of conditions or assumptions.

Halo Error

A cognitive bias in performance appraisals where one trait of an individual influences the evaluator's view of other traits.

Recency Error

The tendency to evaluate someone's performance based on their most recent behavior rather than on a longer period of observational time.

Leniency Error

A bias in performance evaluations where the reviewer rates an individual more favorably than is warranted by his or her performance.