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Use the Following Diagram to Answer the Following Questions

Question 63

Multiple Choice

Use the following diagram to answer the following questions.
Use the following diagram to answer the following questions. -Refer to Tea. Suppose the supply for tea decreases from S₂ to S₁. The immediate effect would be to increase the supply price for Q₁ from: A) P₁ to P₂. B) P₁ to P<sub>3</sub>. C) P₂ to P<sub>3</sub>. D) P<sub>3</sub> to P₁.
-Refer to Tea. Suppose the supply for tea decreases from S₂ to S₁. The immediate effect would be to increase the supply price for Q₁ from:


A) P₁ to P₂.
B) P₁ to P3.
C) P₂ to P3.
D) P3 to P₁.

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