Figure 3-1
-Which of the following is true regarding the market for steak shown in Figure 3-1?
A) If the price of steak were $2 per pound, producers would want to supply less steak than consumers would want to buy.
B) If the price of steak were $4 per pound, producers would want to supply more steak than consumers would want to buy.
C) If the price of steak were $3 per pound, producers would want to supply the same amount of steak that consumers would want to buy.
D) All of the above are true regarding the market for steak shown in the figure.

Question

Figure 3-1 
-Which of the following is true regarding the market for steak shown in Figure 3-1?
A) If the price of steak were $2 per pound, producers would want to supply less steak than consumers would want to buy. 
B) If the price of steak were $4 per pound, producers would want to supply more steak than consumers would want to buy. 
C) If the price of steak were $3 per pound, producers would want to supply the same amount of steak that consumers would want to buy. 
D) All of the above are true regarding the market for steak shown in the figure.

Quizplus · Accepted Answer

All the statements describe different scenarios of supply and demand at various price points, which are typically true in a market equilibrium context.

Figure 3-1 -Which of the Following Is True Regarding the Market for the Market