Suppose that the table shown shows the demand and supply schedules for pork bellies. Which of the following statements is true?Price($/lb.)Quantity demanded (lbs.)Quantity Supplied (lbs.)$0.1030,0005,000$0.2025,00010,000$0.5020,00020,000$0.7515,00030,000$0.955,00040,000
A. There would be a shortage of pork bellies if the price were $0.25 per pound.
B. There would be a shortage of pork bellies if the price were $0.50 per pound.
C. There would be a surplus of pork bellies if the price were $0.25 per pound.
D. There would be a surplus of pork bellies if the price were $0.50 per pound.
Answer: A
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