Suppose the Current Price of a Kilogram of Steak Is

question 81

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 shortage, so the price rises and quantity demanded decreases.
• C) There is a surplus, so the price falls and quantity demanded increases.
• D) There is a shortage, so the price falls and quantity demanded increases.
• E) There is a shortage, so the price falls and quantity demanded decreases.

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