The data shows the demand and supply for wheat:
quantity of bushels per year (in million)
-Refer to the information above to answer this question.What would happen if the government were to establish a price floor of $16 per bushel of wheat?
A) The price floor would stay at $16 and there would be no surplus in the market.
B) The equilibrium price would rise to $16 and there would be shortage in the market.
C) The quantity demanded would increase to 15 million bushels.
D) There would be a surplus of 10 million bushels of wheat.
E) The wheat buyers would have difficulty finding sufficient wheat in the market.
Correct Answer:
Verified
Q37: Which of the following statements is true
Q38: What is meant by dumping?
A)The destruction of
Q39: What is meant by producers' preference?
A)The effect
Q40: What do economists mean when they speak
