Multiple Choice
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
Correct Answer:
Verified
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