Use the Following to Answer Questions

question 154

Multiple Choice

Use the following to answer questions :
Figure: The Demand and Supply of Wheat
-(Figure: The Demand and Supply of Wheat) Look at the figure The Demand and Supply of Wheat. If there is an increase in demand of 2,000 bushels at each price, the equilibrium price and quantity will be _____ and _____ bushels, respectively.

• A)$5; 5,000
• B)$6; 7,000
• C)$7; 7,000
• D)$8; 8,000

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Definitions:

Critical Thinking

The process of logically analyzing and evaluating information or arguments to form a judgment or conclusion.

Society

A group of individuals living together in a more or less ordered community, often sharing common cultural and social institutions.

Benefits

Advantages or profits gained from something, such as a job, policy, or activity.