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If a beef market is in equilibrium at $4.00 per kg, an increase in price...

Economics
WAEC 2020

If a beef market is in equilibrium at $4.00 per kg, an increase in price to $6.00 per kg may cause

  • A. surplus in the market
  • B. shortage in the in market
  • C. black market to come into operation
  • D. rationing to be introduced
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Correct Answer: Option A
Explanation

When a price floor is set above the equilibrium price, quantity supplied will exceed quantity demanded, and excess supply or surpluses will result.

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NECO June/July 2024 - Get offline past questions & answers - Download objective & theory, all in one app 48789
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
Join your school's WhatsApp group
NECO June/July 2024 - Get offline past questions & answers - Download objective & theory, all in one app 48789
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts