Use the following to answer question:
-(Figure: The Demand and Supply of Wheat)Use Figure: The Demand and Supply of Wheat.A temporary price of $2 in this market would result in a _____ of _____ bushels per period.
A)surplus;4,000
B)shortage;8,000
C)shortage;10,000
D)surplus;10,000

Question

Use the following to answer question: 
-(Figure: The Demand and Supply of Wheat)Use Figure: The Demand and Supply of Wheat.A temporary price of $2 in this market would result in a _____ of _____ bushels per period.
A)surplus;4,000 
B)shortage;8,000 
C)shortage;10,000 
D)surplus;10,000

Quizplus · Accepted Answer

At a price of $2, the quantity demanded is 6,000 bushels, while the quantity supplied is only 2,000 bushels. This creates a shortage of 8,000 bushels per period.

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