Refer to the above diagram of the market for corn, If the price in this market is $4 per bushel, then there will be ### Market Analysis of Corn**Graph Explanation:**The graph displays the supply and demand curves for corn, measured in thousands of bushels per week, with price per bushel on the vertical axis.- **Supply Curve (S):** Upward sloping, indicating that higher prices lead to an increase in the quantity supplied.- **Demand Curve (D):** Downward sloping, indicating that higher prices lead to a decrease in the quantity demanded.- **Equilibrium Point:** Where the supply and demand curves intersect, representing the market equilibrium price and quantity.**Key Points:**- **Price Levels:** The graph shows various price levels, including $5, $4, $3, and $2 per bushel.- **Equilibrium at $3 per bushel:** At this price, the quantity supplied and demanded both equal 8,000 bushels per week, indicating market equilibrium.- **At $4 per bushel:** - Quantity Supplied: 12,000 bushels. - Quantity Demanded: 8,000 bushels. - Result: Surplus of 4,000 bushels (indicated by section A in the graph). **Question:**Refer to the above diagram of the market for corn. If the price in this market is $4 per bushel, then there will be:1. ⃝ A shortage of 8,000 bushels.2. ⃝ A surplus of 8,000 bushels.3. ⃝ Equilibrium in the market.4. ⃝ A surplus of 4,000 bushels.**Correct Answer:** A surplus of 4,000 bushels.

According to the given information, the market will he in equilibrium when it is operated at the…

Answered: $5 S. 2. 4 9. 8. 10 12 14 16 18 20…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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