Suppose the Current Price of a Pound of Steak Is

Multiple Choice

Suppose the current price of a pound of steak is $12 per pound and the equilibrium price is $9 per pound.In this case,there is a

A) shortage, so the price falls and quantity demanded increases.
B) surplus, so the price falls and quantity demanded increases.
C) shortage, so the price rises and quantity demanded decreases.
D) surplus, so the price rises and quantity demanded increases.
E) surplus, so the price falls and quantity supplied increases.