The Market Demand Function for Wheat Is and the Market

question 18

Multiple Choice

The market demand function for wheat is and the market supply function is ,both measured in billions of bushels per year.Suppose the government wants to increase the price of wheat to $3/bushel and they impose a price floor to achieve their goal.How much wheat goes to waste under the program?

• A) 10 billion bushels per year
• B) 4 billion bushels per year
• C) 6 billion bushels per year
• D) None

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Definitions:

Pragmatics

The study of how context influences the interpretation of meaning in linguistic interactions, focusing on the social rules and conventions that underlie language use.

Intonation

The rise and fall of voice pitch across phrases and sentences in speech, affecting the meaning, emotion, and emphasis of the spoken words.

Syntax

The set of rules, principles, and processes that govern the structure of sentences in a given language, specifically the order and arrangement of words.

Morphemes

The smallest grammatical units in a language that convey meaning.