QUESTION 5 Use the following table to answer the questions that follow. Market for Corn Quantity Quantity Supplied Price Year Demanded $2.00 200,000 100,000 $2.50 186,000 2 125,000 $3.00 184,000 141,000 $3.50 169,000 169,000 4 $4.00 161,000 5 181,000 $4.50 200,000 6 155,000 $5.00 7 120,000 223,000 If the price ceiling for corn is $2.50, what amount and type of disequilibrium would be present in the market for corn? a. There would be a surplus of 61,000. b. There would be a shortage of 125,000. c. There would be neither a shortage nor a surplus. d. There would be a shortage of 61,000. e. There would be a shortage of 186,000. O O
QUESTION 5 Use the following table to answer the questions that follow. Market for Corn Quantity Quantity Supplied Price Year Demanded $2.00 200,000 100,000 $2.50 186,000 2 125,000 $3.00 184,000 141,000 $3.50 169,000 169,000 4 $4.00 161,000 5 181,000 $4.50 200,000 6 155,000 $5.00 7 120,000 223,000 If the price ceiling for corn is $2.50, what amount and type of disequilibrium would be present in the market for corn? a. There would be a surplus of 61,000. b. There would be a shortage of 125,000. c. There would be neither a shortage nor a surplus. d. There would be a shortage of 61,000. e. There would be a shortage of 186,000. O O
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:QUESTION 5
Use the following table to answer the questions that follow.
Market for Corn
Quantity
Quantity
Supplied
Price
Year
Demanded
$2.00
200,000
100,000
$2.50
186,000
2
125,000
$3.00
184,000
141,000
$3.50
169,000
169,000
4
$4.00
161,000
5
181,000
$4.50
200,000
6
155,000
$5.00
7
120,000
223,000
If the price ceiling for corn is $2.50, what amount and type of disequilibrium would be present in the market for corn?
a. There would be a surplus of 61,000.
b. There would be a shortage of 125,000.
c. There would be neither a shortage nor a surplus.
d. There would be a shortage of 61,000.
e. There would be a shortage of 186,000.
O O
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