Asked by Nurul Ainaa on May 12, 2024
Verified
In the table given below,which of the following statements is correct regarding the market for corn?
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2008200920102011 Price $2$3$4$4 Quantity 1,000,000200,0001,000,0002,000,000\begin{array} { | l | c | c | c | c | } \hline & 2008 & 2009 & 2010 & 2011 \\\hline \text { Price } & \$ 2 & \$ 3 & \$ 4 & \$ 4 \\\hline \text { Quantity } & 1,000,000 & 200,000 & 1,000,000 & 2,000,000 \\\hline\end{array} Price Quantity 2008$21,000,0002009$3200,0002010$41,000,0002011$42,000,000
A) In 2008,there was an excess supply of corn in the economy.
B) In 2008,the corn market was not in equilibrium.
C) The weather for corn production was probably better in 2010 than in 2009.
D) Between 2010 and 2011,both the supply and demand for corn must have increased by the same amount.
E) Between 2009 and 2010,the demand for corn decreased.
Market for Corn
The economic market where corn is bought and sold, with its price determined by the principles of supply and demand.
Price
The amount of money required to purchase a good or service.
Quantity Supplied
Represents the amount of a good or service that producers are willing and able to sell at a given price over a specified period.
- Examine market environments to determine the influence of supply and demand fluctuations on the directional shift in equilibrium price and quantity.
- Distinguish between the short-term and long-term impacts of market changes on price and quantity.
Verified Answer
SA
Sarah AllenMay 18, 2024
Final Answer :
D
Explanation :
Between 2010 and 2011, the price of corn remained the same while the quantity doubled, suggesting that both supply and demand increased to maintain the price but allow for a higher quantity sold.
Learning Objectives
- Examine market environments to determine the influence of supply and demand fluctuations on the directional shift in equilibrium price and quantity.
- Distinguish between the short-term and long-term impacts of market changes on price and quantity.