Multiple Choice
Suppose the current price of a kilogram of steak is $6 per kilogram and the equilibrium price is $9 per kilogram.What takes place?
A) There is a shortage,so the price rises and quantity demanded increases.
B) There is a surplus,so the price falls and quantity demanded increases.
C) There is a shortage,so the price falls and quantity demanded decreases.
D) There is a shortage,so the price rises and quantity demanded decreases.
E) There is a shortage,so the price falls and quantity demanded increases.
Correct Answer:
Verified
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