Suppose the equilibrium price of oranges is $2.00 per pound. If the actual price is above the equilibrium price, a

Suppose the current price of a pound of steak is $12 per pound and the equilibrium price is $9 per pound

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.

The market for apples is in equilibrium at a price of $0.50 per pound.

A、.    quantity demanded will decrease.
B、.    quantity supplied will increase.
C、.    there will be a shortage of the good.
D、.    the price floor will not affect the market price or output.

If the price of a good is above the equilibrium price,

A、there is a surplus and the price will rise
B、there is a surplus and the price will fall
C、there is a shortage and the price will rise
D、there is a shortage and the price will fall
E、the quantity demanded is equal to the quantity supplied and the price remains unchanged

A shortage will occur at any price below equilibrium price and a surplus will occur at any price above