Multiple Choice
Exhibit 4-11 Data on supply and demand
| Bushels demanded | Price per | Bushels supplied |
| 45 | $5 | 77 |
| 50 | 4 | 73 |
| 56 | 3 | 68 |
| 61 | 2 | 61 |
| 67 | 1 | 57 |
Which of the following would occur if the government imposed a price floor (support price) of $4 per bushel in the wheat market shown in Exhibit 4-11?
A) Buyers would want to purchase more wheat than is supplied.
B) Buyers would not purchase all of the wheat grown.
C) Shortage of wheat would increase the price of wheat.
D) Farmers would grow less wheat.
Correct Answer:
Verified
Correct Answer:
Verified
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