Below is a graphical representation of the wheat market in the distant land of Nod.

-Refer to the graph above to answer this question.At equilibrium,what is the total expenditure by consumers on wheat?
A)$5.
B)$40 million.
C)$200 million.
D)Cannot be determined.

Question

Below is a graphical representation of the wheat market in the distant land of Nod.
 
-Refer to the graph above to answer this question.At equilibrium,what is the total expenditure by consumers on wheat?
A)$5. 
B)$40 million. 
C)$200 million. 
D)Cannot be determined.

Quizplus · Accepted Answer

At equilibrium, the market price of wheat is $1 per bushel and the quantity demanded is 200 million bushels. Therefore, the total expenditure by consumers is $1 x 200 million bushels, which is equal to $200 million.

Below Is a Graphical Representation of the Wheat Market in the Distant