The Demand Function for Corn Is Q = 200 -

question 29

Multiple Choice

The demand function for corn is q = 200 - p and the supply function is q = 50 + .5p.The government sets the price of corn at $150 and agrees to purchase and destroy any excess supply of corn at that price.How much money does it cost the government to buy this corn?

• A)$11,250
• B)$18,750
• C)$7,500
• D)$10,750
• E)$14,500

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Definitions:

Promotion

The act of raising someone to a higher position or rank, often accompanied by increased responsibilities and benefits.

ERG Theory

Clayton Alderfer's motivation theory that divides human needs into three categories: Existence, Relatedness, and Growth.

Relatedness Needs

The human need to form and maintain strong, stable interpersonal relationships.

Social Needs

Human requirements for companionship, belonging, and acceptance within society or specific social groups.