The following graph shows the market for corn. The equilibrium price is , and the equilibrium quantity is . If the price of corn is $14, the quantity demanded will be , and the quantity supplied will be . A(n)

of units will develop, causing the price and quantity supplied to , and the quantity demanded to . If the price is $4, the quantity demanded will be

, and the quantity supplied will be . A(n)

of units will develop, causing the price and quantity supplied to and the quantity demanded to

Price Quantity Demanded Quantity Supplied $0 24 0 1 20 2 2 16 4 3 12 6 4 8 8 5 4 10 6 0 12

Transcribed Image Text:

Price 20 18 16 14 12 10 10 8 6 4 2 0 2 4 68 S D 10 12 14 16 18 20 22 24 26 28 30 Quantity