Scenario: Suppose the market for wheat in the United States is given by the demand and supply schedules in the table below (as well as the accompanying graph).

Suppose the U.S. government imposes a minimum price for wheat (price floor) of $6 per bushel.
-Refer to the scenario above.At the minimum price of $6 per bushel,there is a ________ of ________ million bushels.

Question

Scenario: Suppose the market for wheat in the United States is given by the demand and supply schedules in the table below (as well as the accompanying graph).

Suppose the U.S. government imposes a minimum price for wheat (price floor) of $6 per bushel.
-Refer to the scenario above.At the minimum price of $6 per bushel,there is a ________ of ________ million bushels.

Quizplus · Accepted Answer

At a minimum price of $6 per bushel, the quantity supplied exceeds the quantity demanded, resulting in a surplus of 6 million bushels.

Scenario: Suppose the Market for Wheat in the United States