Post by: sarasara on Mar 15, 2019
Figure 4-4
Refer to Figure 4-4. The figure above represents the market for iced tea. Assume that this is a competitive market. If the price of iced tea is $3, what changes in the market would result in an economically efficient output?
◦ The price would decrease, the quantity supplied would increase, and the quantity demanded would decrease.
◦ The quantity supplied would decrease, the quantity demanded would increase, and the equilibrium price would decrease.
◦ The price would decrease, the demand would increase, and the supply would decrease.
◦ The price would decrease, quantity demanded would increase, and quantity supplied would decrease.
Post by: momolu on Mar 15, 2019
Post by: sarasara on Mar 15, 2019
Post by: momolu on Mar 15, 2019