Multiple Choice
Suppose that the market for corn is initially in equilibrium and is perfectly competitive.The demand curve can be expressed as 
; the supply curve can be expressed as 
Quantity is expressed in millions of bushels.Now suppose that the federal government imposes a price floor of $3 per bushel of corn.What is the dead-weight loss (per million bushels) associated with the price floor when the least efficient producers are active?
A) $9.375
B) $2.25.
C) $1.
D) $0.63.
Correct Answer:
Verified
Correct Answer:
Verified
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