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Consider the following supply and demand model of the world

Consider the following supply and demand model of the world tea market (in billions of pounds.)

Price Per Pound Quantity Supplied Quantity Demanded

$.38 1,500 525

$.37 1,000 600

$.36 700 700

$.35 600 900

$.34 550 1,200

Is it a surplus or a shortage when the price is $.38?

Surplus

Shortage

Is it a surplus or a shortage when the price is $.34?

Surplus

Shortage

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Business Economics: Consider the following supply and demand model of the world

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