The Demand for Soybeans in a Country Is Given by D

question 100

Multiple Choice

The demand for soybeans in a country is given by D = 5 - 0.2P,where P is the price of a bushel of soybeans.Supply by domestic producers is given by S = 1 + 0.8P.Both demand (D) and supply (S) of soybeans are measured in millions of bushels.If the world price of soybeans equals $4 and this economy is open to trade,then this country will

• A) export 1 million bushels of soybeans.
• B) export 2 million bushels of soybeans.
• C) neither import nor export soybeans.
• D) import 1 million bushels of soybeans.
• E) import 2 million bushels of soybeans.

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Definitions:

Limiting Reactant

The limiting reactant is the substance in a chemical reaction that is completely consumed first, thereby determining the maximum amount of product that can be formed.

Wax

A diverse class of organic compounds that are malleable at slightly higher temperatures than room temperature and mainly consist of hydrocarbons.

Theoretical Yield

The maximum amount of product that could be formed from given amounts of reactants in a chemical reaction, assuming no losses.

Carbon Dioxide

This is a gas that has no color or odor, generated through the combustion of carbon-based substances and the respiratory process, and is consumed by plants for photosynthesis.