Answer the question on the basis of the given supply and demand data for wheat: $\begin{array} { c c c }
\text { Bushels Demanded }&&\text { Bushels Supplied Per }\
\text { Per Month } & \text { Price Per Bushel } & \text { Month } \
\hline
45 & \$ 5 & 77 \
50 & 4 & 73 \
56 & 3 & 68 \
61 & 2 & 61 \
67 & 1 & 57
\end{array}$ Refer to the data.If price was initially $4 and free to fluctuate,we would expect the:

Question

Answer the question on the basis of the given supply and demand data for wheat: $\begin{array} { c c c } 
\text { Bushels Demanded }&&\text { Bushels Supplied Per }\
\text { Per Month } & \text { Price Per Bushel } & \text { Month } \ 
\hline
45 & \$ 5 & 77 \ 
50 & 4 & 73 \ 
56 & 3 & 68 \ 
61 & 2 & 61 \ 
67 & 1 & 57 
\end{array}$ Refer to the data.If price was initially $4 and free to fluctuate,we would expect the:

Quizplus · Accepted Answer

Looking at the table, if the price of wheat was initially $4, the quantity demanded would be 50 bushels, while the quantity supplied would be 73 bushels. This means there would be an excess supply of 23 bushels, which would put downward pressure on price. As a result, we would expect the quantity of wheat supplied to decline in response to the lower price, as suppliers would look to reduce their excess supply. Therefore, option B is the correct answer.

Answer the Question on the Basis of the Given Supply