If a beef market is in equilibrium at $4.00 per kg, an in...
If a beef market is in equilibrium at $4.00 per kg, an increase in price to $6.00 per kg may cause
Surplus in the market
Shortage in the market
Black market to come into operation
Rationing to be introduced
Correct answer is A
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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