In July 2024
Answer to Question #157881 in Microeconomics for Hassan
Assume the demand for coffee increases and the supply of coffee decreases. Which of the following outcomes is certain to occur?
The equilibrium quantity of coffee will rise.
The equilibrium quantity of coffee will fall.
The equilibrium price of coffee will rise.
The equilibrium price of coffee will fall.
The increase in demand and decrease in supply leads to increase in price (and decrease in quantity). Thus, the correct answer -> the equilibrium price of coffee will rise.
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