7. Suppose that the market for corn is initially in equilibrium and is perfectly competitive. The demand curve can be expressed as P = 10 -Q"; the supply curve can be expressed as P = 0.250. Quantity is expressed in millions of bushels. Now suppose that the federal government imposes a price floor of $3 per bushel of com. Which of the following best describes the market after the price floor is imposed? A) There will be a shortage of 5 million bushels. B) There will be a surplus of 5 million bushels. C) There will be a surplus of 7 million bushels. D) There will be a surplus of 12 million bushels. 8. A monopolist faces an inverse demand curve P=300 - 60 and has a constant marginal cost of 20. The monopolist's profit-maximizing output is A) 46.67 B) 23.33 C) 20 35