The following graph shows the market equilibrium for corn in the United States.If the world price of corn is $2 and there are no trade restrictions,the United States will:
Figure 17.1

A) produce 3,000 bushels of corn,consume 7,000 bushels of corn,and import 4,000 bushels of corn.
B) produce 3,000 bushels of corn,consume 7,000 bushels of corn,and export 4,000 bushels of corn.
C) have an excess supply of corn.
D) produce 7,000 bushels of corn.
E) produce 5,000 bushels of corn,consume 7,000 bushels of corn,and import 2,000 bushels of corn.
Correct Answer:
Verified
Q29: If production is subject to economies of
Q33: Which of the following reasons best explains
Q36: Which of the following reasons explains why
Q47: Which of the following is not a
Q69: Differences in resource endowments are differences in
A)tariffs
Q70: Differences in tastes among nations
A)make gains from
Q72: The following table shows per-day production data
Q74: The following table shows the demand,supply,and price
Q76: The following table shows per-day production data
Q77: The following table shows the demand,supply,and price
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents