Suppose That the Market for Corn Is Initially in Equilibrium

question 53

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.Now suppose that the federal government imposes a price floor of $3 per bushel of corn.What is the new equilibrium quantity traded in this market?

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

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Definitions:

Bifurcation

The division of something into two branches or parts, such as the bifurcation of a blood vessel or a route.

Abdominal Aorta

The largest artery in the abdominal cavity that supplies oxygenated blood to much of the abdominal and pelvic organs and the legs.

Arteriosclerosis

The thickening, hardening, and loss of elasticity of artery walls, often leading to restricted blood flow.

Degenerative Changes

Alterations to body tissues or organs leading to a decline in function or structure, often associated with aging or chronic conditions.