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Refer to Table 1-2. The table contains information about the wheat market. Use the table to answer the

following questions.

a.       What are the equilibrium price and quantity of wheat?

b.       Suppose the prevailing price is US$6 per bushel. Is there a shortage or a surplus in the market? 

c.       What is the quantity of the shortage or surplus?

d.       How many bushels will be sold if the market price is US$6 per bushel?

e.       If the market price is US$6 per bushel, what must happen to restore equilibrium in the market? 

f.        At what price will suppliers be able to sell 36,000 bushels of wheat?

g.       Suppose the market price is US$14 per bushel. Is there a shortage or a surplus in the market? 

h.       What is the quantity of the shortage or surplus?

i.         How many bushels will be sold if the market price is US$14 per bushel?

j.         If the market price is US$14 per bushel, what must happen to restore equilibrium in the market?

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