Refer to the information provided in Figure 3.19 below to answer the question(s) that follow. Figure 3.19
-Refer to Figure 3.19. The market is initially in equilibrium at Point A. If supply shifts from S₁ to S₂ and there is an excess demand of 6 cheeseburgers, the price of cheeseburgers will have

Question

Refer to the information provided in Figure 3.19 below to answer the question(s) that follow.

Figure 3.19
-Refer to Figure 3.19. The market is initially in equilibrium at Point A. If supply shifts from S₁ to S₂ and there is an excess demand of 6 cheeseburgers, the price of cheeseburgers will have

Quizplus · Accepted Answer

If there is an excess demand of 6 cheeseburgers, it indicates that the price has not adjusted yet to the new equilibrium, meaning it remains constant at the original price of $5.00.

Refer to the Information Provided in Figure 3