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Exhibit 3-6: The following table depicts the supply and demand schedules for tea. Price of Tea (per pound) Quantity Supplied (in pounds) Quantity Demanded (in
Exhibit 3-6: The following table depicts the supply and demand schedules for tea. Price of Tea (per pound) Quantity Supplied (in pounds) Quantity Demanded (in pounds) 6 2,000 1,550 8 1,750 1,450 10 1,500 1,350 12 1,250 1,250 14 1,000 1,150 26. Refer to Exhibit 3-6. How could the equilibrium price of tea be decreased by $4 per pound by changing the quantity supplied? a. decreasing it by 400 pounds b. decreasing it by 300 pounds c. increasing it by 200 pounds d. decreasing it by 100 pounds e. No change to quantity supplied will decrease the equilibrium price
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