Suppose that the market for corn is initially in equilibrium and is perfectly competitive. The demand curve can be expressed as $P = 10 - Q ^ { d }$; the supply curve can be expressed as $P =$ $0.25 Q ^ { s }$. Quantity is expressed in millions of bushels. Now suppose that the federal government imposes a price floor of $\$ 3$ per bushel of corn. What is the new equilibrium quantity traded in this market?
A) $Q = 8$
B) $Q = 2$
C) $Q = 7$
D) $Q = 3$

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The Answer of Suppose that the market for corn is initially in equilibrium and is perfectly competitive. The demand curve can be expressed as $P = 10 - Q ^ { d }$; the supply curve can be expressed as $P =$ $0.25 Q ^ { s }$. Quantity is expressed in millions of bushels. Now suppose that the federal government imposes a price floor of $\$ 3$ per bushel of corn. What is the new equilibrium quantity traded in this market?
A) $Q = 8$
B) $Q = 2$
C) $Q = 7$
D) $Q = 3$

Suppose That the Market for Corn Is Initially in Equilibrium P=10−QdP = 10 - Q ^ { d }P=10−Qd

Suppose That the Market for Corn Is Initially in Equilibrium $P = 10 - Q ^ { d }$