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Question
Refer to the graph shown. The figure shows the demand and supply curves for eggs and shows two equilibrium points, E1 and E2. An increase in demand from D1 to D2 would cause:
A. price to decline from $1.25 to $1.00 a dozen and a shortage of 2,000 dozen eggs per week.
B. price to remain at $1.00 a dozen and a shortage of 2,000 dozen eggs per week.
C. price to rise from $1.00 to $1.25 a dozen and equilibrium quantity to be 3,000 dozen eggs per week.
D. price to rise from $1.00 to $1.25 a dozen and a surplus of 2,000 dozen eggs per week.
Answer
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