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Author Question: Refer to Figure 4-4.The figure above represents the market for iced tea. Assume that ... (Read 123 times)

Chloeellawright

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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


◦ the quantity supplied is greater than the economically efficient quantity.
◦ the quantity demanded is economically efficient but the quantity supplied is economically inefficient.
◦ economic surplus is maximized.
◦ too many consumers want to buy iced tea.
« Last Edit: Mar 15, 2019 by Celeste »
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Marked as best answer by Chloeellawright on Mar 15, 2019

SamMuagrove

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Chloeellawright

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Reply 2 on: Mar 15, 2019
Great answer, keep it coming :)


JCABRERA33

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

 

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