The following question are based on the following graph showing the market for corn:
-If farmers currently produce 800 bushels
A) the actual price is $2.
B) the market is in equilibrium.
C) the actual price is below the equilibrium price and will tend to rise.
D) only increases in demand would encourage the supply to rise above 800 units.
E) the market exhibits a surplus.
Correct Answer:
Verified
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