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.The quantity demanded of wheat at the minimum price is ________.

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.The quantity demanded of wheat at the minimum price is ________.

Quizplus · Accepted Answer

The quantity demanded of wheat at the minimum price is 6 million bushels because the supply and demand curves intersect at that point.

Scenario: Suppose the Market for Wheat in the United States