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Figure: The Demand and Supply of Wheat
-(Figure: The Demand and Supply of Wheat) Look at the figure The Demand and Supply of Wheat. If a price of $8 temporarily exists in this market, a _____ of _____ bushels will result.
A)shortage; 2,000
B)surplus; 4,000
C)shortage; 4,000
D)surplus; 6,000

Question

Use the following to answer questions :
Figure: The Demand and Supply of Wheat 
-(Figure: The Demand and Supply of Wheat) Look at the figure The Demand and Supply of Wheat. If a price of $8 temporarily exists in this market, a _____ of _____ bushels will result.
A)shortage; 2,000 
B)surplus; 4,000 
C)shortage; 4,000 
D)surplus; 6,000

Quizplus · Accepted Answer

At a price of $8, the quantity supplied exceeds the quantity demanded, resulting in a surplus of 4,000 bushels.

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