Answer the Question on the Basis of the Given Supply

question 77

Multiple Choice

Answer the question on the basis of the given supply and demand data for wheat: $\begin{array} { c c c } \text { Bushels Demanded }&&\text { Bushels Supplied Per }\\\text { Per Month } & \text { Price Per Bushel } & \text { Month } \\ \hline45 & \$ 5 & 77 \\ 50 & 4 & 73 \\ 56 & 3 & 68 \\ 61 & 2 & 61 \\ 67 & 1 & 57 \end{array}$ Refer to the data.If price was initially $4 and free to fluctuate,we would expect the:

• A) quantity supplied to continue to exceed the quantity demanded.
• B) quantity of wheat supplied to decline as a result of the subsequent price change.
• C) quantity of wheat demanded to fall as a result of the subsequent price change.
• D) price of wheat to rise.

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