Multiple Choice
Use the following diagram to answer the following questions.
-Refer to Tea. Suppose the supply for tea decreases from S₁ to S₂. If price did not change, we would expect:
A) excess supply of Q₁ - Q₂ to develop.
B) excess supply of Q₁ - Q3 to develop.
C) excess demand of Q₁ - Q₂ to develop.
D) excess demand of Q₁ - Q3 to develop.
Correct Answer:
Verified
Correct Answer:
Verified
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