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MMLU-Pro / 6902 / If corn is produced in a perfectly competitive market and the government placed…

Problem

Answer published by the source. Consult the official source to check your work against its answer.

question

If corn is produced in a perfectly competitive market and the government placed a price ceiling above equilibrium, which of the following would be true?

category

economics

options

  1. Corn would become a luxury good due to the price ceiling.
  2. The government would have to subsidize corn production.
  3. The price of corn would increase dramatically.
  4. The price of corn would remain the same but the quality would decrease.
  5. The producers of corn would lose revenue due to the decreased price.
  6. The demand for corn would decrease significantly.
  7. There would be a surplus created of corn.
  8. Corn producers would increase their output to meet the new demand.
  9. There would be no change in the amount of corn demanded or supplied.
  10. There would be a shortage created of corn.

src

ori_mmlu-high_school_microeconomics

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Source and history

upstream_id / Original problem ID
6902
task_id
07b6fb16-de14-5d8f-b3df-6e3e99436edf
task_key
default--test--6902
task_revision_id
1
config / split
default / test

Official source

initial import