WAEC - Economics (2020 - No. 16)

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 in market

black market to come into operation

rationing to be introduced

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