Figure 4-7 -Refer to Figure 4-7. the Figure Above Represents the Market

question 165

Multiple Choice

Figure 4-7
-Refer to Figure 4-7. 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?

• A) The price would decrease, the quantity supplied would increase, and the quantity demanded would decrease.
• B) The quantity supplied would decrease, the quantity demanded would increase, and the equilibrium price would decrease.
• C) The price would decrease, the demand would increase, and the supply would decrease.
• D) The price would decrease, quantity demanded would increase, and quantity supplied would decrease.

---

Definitions:

Infographic

A visual representation of information or data, making complex information easier to understand.

Visual Metaphor

An imagery or analogy used to visually represent an idea or concept.

Career Development

The process of managing your life, learning, and work over the lifespan.

Microsoft Word Format

A file format (.doc or .docx) used by the Microsoft Word word-processing software.