The market for soybeans is characterized by
= 18 - Ps and 
= Ps - 0.5Pc, where Qs is the quantity of soybeans in millions of bushels, Ps is the price per bushel of soybeans, and Pc is the price per bushel of corn. The market for corn is characterized by 
= 18 - Pc and 
= Pc - 0.5Ps, where Qc is the quantity of corn in millions of bushels. In general equilibrium, the equilibrium quantity of corn is _____ bushels and that of soybeans is _____ bushels.
A) 6 million; 6 million
B) 9 million; 9 million
C) 6.5 million; 6.5 million
D) 16 million; 16 million
Correct Answer:
Verified
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