Multiple Choice
Use the following diagram to answer the following questions.
-Refer to Tea. Suppose the supply for tea decreases from S₁ to S₂. The new equilibrium price and quantity are:
A) P₁ and Q₁, respectively.
B) P₁ and Q₂, respectively.
C) P₂ and Q₂, respectively.
D) P₂ and Q3, respectively.
Correct Answer:
Verified
Correct Answer:
Verified
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