Question

Suppose the current price of a pound of chicken is $3 per pound and the equilibrium price is $6 per pound. What takes place

Answer 1

If the current price of a pound of chicken is $3 per pound and the equilibrium price is $6 per pound what takes place is: a) There is a shortage , so the price rises and quantity demanded decreases.

The current price of $3 per pound is lesser that the equilibrium price of  $6 per pound which means that their is shortage.

The shortage indicate that their is increase in demand in the market because the quantity demanded is higher than the quantity supplied.

Therefore the rise in price of goods and services will lead to decrease in the quantity demanded of such goods or product.

Inconclusion what takes place is: a) There is a shortage , so the price rises and quantity demanded decreases.

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