Suppose that the market for corn is initially in equilibrium and is perfectly competitive. The demand curve can be expressed as $P = 10 - Q ^ { d }$ ; the supply curve can be expressed as $P = 0.25 Q ^ {5 }$ . 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 new equilibrium quantity traded in this market?
A) Q = 8;
B) Q = 2;
C) Q = 7
D) Q = 3

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The Answer of Suppose that the market for corn is initially in equilibrium and is perfectly competitive. The demand curve can be expressed as $P = 10 - Q ^ { d }$ ; the supply curve can be expressed as $P = 0.25 Q ^ {5 }$ . 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 new equilibrium quantity traded in this market?
A) Q = 8;
B) Q = 2;
C) Q = 7
D) Q = 3

Suppose That the Market for Corn Is Initially in Equilibrium P=10−QdP = 10 - Q ^ { d }P=10−Qd

Suppose That the Market for Corn Is Initially in Equilibrium $P = 10 - Q ^ { d }$