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-Consider the Market for Ground Beef Represented by Figure 3-12,which

Question 96

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-Consider the market for ground beef represented by Figure 3-12,which is initially in equilibrium at point J.Which of the following is correct if equilibrium shifts to point K? A) There is an excess supply of 50,000 pounds at the price of $1.00. B) The demand decreased due to a lower price substitute. C) There is an excess demand of 25,000 pounds at the price of $1.00. D) The shift in supply will cause a temporary shortage,which will disappear when the price rises to $1.50. E) Both demand and the quantity demanded have dropped.
-Consider the market for ground beef represented by Figure 3-12,which is initially in equilibrium at point J.Which of the following is correct if equilibrium shifts to point K?


A) There is an excess supply of 50,000 pounds at the price of $1.00.
B) The demand decreased due to a lower price substitute.
C) There is an excess demand of 25,000 pounds at the price of $1.00.
D) The shift in supply will cause a temporary shortage,which will disappear when the price rises to $1.50.
E) Both demand and the quantity demanded have dropped.

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