Multiple Choice
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.
Correct Answer:
Verified
Correct Answer:
Verified
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