What would happen to the equilibrium price and quantity of coffee if the wages of coffee-bean pickers fell and the price of tea fell?
A) Price will fall and the effect on quantity is ambiguous.
B) Price will rise and the effect on quantity is ambiguous.
C) Quantity will fall and the effect on price is ambiguous.
D) Quantity will rise and the effect on price is ambiguous.
Correct Answer:
Verified
Q17: In a perfectly competitive market, buyers and
Q117: Music compact discs are normal goods.What will
Q119: Pens are normal goods.What will happen to
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents