The demand and supply schedules for a hypothetical Canadian market for barley are given below:
TABLE 3-3
-Refer to Table 3-3.If the price in this market was $200 per tonne,then the amount of barley actually purchased would be ________ million tonnes.

Question

The demand and supply schedules for a hypothetical Canadian market for barley are given below:
  TABLE 3-3
-Refer to Table 3-3.If the price in this market was $200 per tonne,then the amount of barley actually purchased would be ________ million tonnes.

Quizplus · Accepted Answer

At a price of $200 per tonne, the quantity of barley demanded is 350 million tonnes and the quantity supplied is only 20 million tonnes. Therefore, there is a shortage of 330 million tonnes (350-20).

The Demand and Supply Schedules for a Hypothetical Canadian Market