Answer the next question based on the given supply and demand data for wheat.Bushels Demanded Per monthPrice per BushelBushels Supplied Per Month45$57750473563686126167157If the price in this market was $4
A. the market would clear; quantity demanded would equal quantity supplied.
B. there would be a shortage of wheat.
C. buyers would want to purchase more wheat than is currently being supplied.
D. farmers would not be able to sell all their wheat.
Answer: D
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The above figure shows the demand curve for movie rentals from Redbox. Which of the following is TRUE?
A) Consumer expenditure on movie rentals will always increase whenever Redbox lowers its price. B) Redbox will receive more total revenue if it charges $4.00 per movie rental rather than $3.00. C) The price elasticity of demand for movie rentals falls as Redbox raises its price. D) The demand for movie rentals is more price inelastic at $1.00 than it is at $1.50.
Skippy loves peanut butter. Skippy reads on the internet that 75 percent of the peanut crop in the South has been wiped out by drought, and that this will cause the price of peanuts to more than double by the end of the year. As a result, a. Skippy's demand for peanut butter will increase, but not until the end of the year. b. Skippy's demand for peanut butter increases today
c. Skippy's demand for peanut butter decreases as he considers buying almond butter. d. Skippy's demand for peanut butter shifts left today.