Refer to the information provided in Figure 3.13 below to answer the questions that follow. Figure 3.13
-Refer to Figure 3.13. The market is initially in equilibrium at Point A. If supply shifts from S1 to S2 and the price of cheeseburgers remains constant at $5.00, there will be

Question

Refer to the information provided in Figure 3.13 below to answer the questions that follow.  Figure 3.13
-Refer to Figure 3.13. The market is initially in equilibrium at Point A. If supply shifts from S1 to S2 and the price of cheeseburgers remains constant at $5.00, there will be

Quizplus · Accepted Answer

When there is a shift in supply from S1 to S2, the new equilibrium point will be at Point B where the quantity demanded is higher than the quantity supplied. Therefore, there will be excess demand of 6 cheeseburgers at the price of $5.00.

Refer to the Information Provided in Figure 3