-Refer to the Above Data

question 10

Multiple Choice

-Refer to the above data.If price was initially $14,we would expect:

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

---

Definitions:

Unemployment Rate

The percentage of the labor force that is jobless and actively seeking employment.

Opportunity Cost

The economic impact of dismissing the next prime alternative while reaching a decision.

Scarce Resources

Limited supplies of inputs necessary for production, leading to trade-offs and choices in their allocation.

Capital

Assets or money possessed by an individual or organization, which can be used for initiating a business or investment purposes.