Multiple Choice
The demand function for corn is q = 200 - p and the supply function is q = 50 + .5p. The government sets the price of corn at $150 and agrees to purchase and destroy any excess supply of corn at that price. How much money does it cost the government to buy this corn?
A) $11,250
B) $18,750
C) $7,500
D) $10,750
E) $14,500
Correct Answer:
Verified
Correct Answer:
Verified
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