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Figure: The Demand and Supply of Wheat
-(Figure: The Demand and Supply of Wheat) Look at the figure The Demand and Supply of Wheat. A temporary price of $2 in this market would result in a _____ of _____ bushels.
A)surplus; 4,000
B)shortage; 8,000
C)shortage; 10,000
D)surplus; 10,000

Question

Use the following to answer questions :
Figure: The Demand and Supply of Wheat 
-(Figure: The Demand and Supply of Wheat) Look at the figure The Demand and Supply of Wheat. A temporary price of $2 in this market would result in a _____ of _____ bushels.
A)surplus; 4,000 
B)shortage; 8,000 
C)shortage; 10,000 
D)surplus; 10,000

Quizplus · Accepted Answer

At a temporary price of $2, the quantity demanded would be 14,000 bushels and the quantity supplied would be 6,000 bushels. Therefore, there would be a shortage of 8,000 bushels (14,000 - 6,000 = 8,000).

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