Use the Following Diagram to Answer the Following Questions

question 30

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.

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