-(Exhibit: Markets and Efficiency) In Panel (b) demand shifted from D₁ to D₂ reflecting a change in consumer preferences. Based upon that, which of the following statements is true? A) At the price of $.80, the quantity of apples demanded will now be greater than the quantity supplied. B) At the price of $.80, the quantity supplied of apples will now equal the quantity demanded. C) There is pressure for the price of apples to fall to $0.70 per pound. D) A shortage of apples will force the price up to the new price of $0.90.

Question

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The Answer of -(Exhibit: Markets and Efficiency) In Panel (b) demand shifted from D₁ to D₂ reflecting a change in consumer preferences. Based upon that, which of the following statements is true? A) At the price of $.80, the quantity of apples demanded will now be greater than the quantity supplied. B) At the price of $.80, the quantity supplied of apples will now equal the quantity demanded. C) There is pressure for the price of apples to fall to $0.70 per pound. D) A shortage of apples will force the price up to the new price of $0.90.

-(Exhibit: Markets and Efficiency) in Panel (B) Demand Shifted from D1

-(Exhibit: Markets and Efficiency) in Panel (B) Demand Shifted from D₁