Use the following to answer question(s): Markets and Efficiency

-(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

Use the following to answer question(s): Markets and Efficiency
 
-(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.

Quizplus · Accepted Answer

The Answer of Use the following to answer question(s): Markets and Efficiency
 
-(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.

Use the Following to Answer Question(s): Markets and Efficiency