(Consider This) Suppose that coffee growers sell 200 million pounds of coffee beans at $2 per pound in 2015 and 240 million pounds for $3 per pound in 2016. Based on this information, we can conclude that the

Question

Quizplus · Accepted Answer

The increase in both quantity demanded and price indicates an increase in demand for coffee beans. The law of supply and demand states that an increase in demand will lead to an increase in both quantity and price, and this scenario fits that pattern. There is no evidence to suggest that the law of supply or demand has been violated, and it's impossible to determine whether the supply of coffee beans has increased without additional information.

(Consider This) Suppose That Coffee Growers Sell 200 Million Pounds