Question 6 The following table contains information about the wheat market. Use the table to answer the following questions. Price per bushel (in $) Quantity Demanded (bushels) Quantity Supplied (bushels) 40,000 4. 36,000 30,000 4,000 8,000 6. 24,000 16,000 10 20,000 20,000 12 18,000 28,000 14 12,000 36,000 16 6,000 40,000
Question 6 The following table contains information about the wheat market. Use the table to answer the following questions. Price per bushel (in $) Quantity Demanded (bushels) Quantity Supplied (bushels) 40,000 4. 36,000 30,000 4,000 8,000 6. 24,000 16,000 10 20,000 20,000 12 18,000 28,000 14 12,000 36,000 16 6,000 40,000
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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h. how many bushels will be sold if the market
i. if the market price is US$ 16 per bushel , what must happen to restore equilibrium in the market ? Explain
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