An increase in the price of coffee,holding other things constant,will

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Quizplus · Accepted Answer

An increase in the price of coffee will lead to a decrease in the quantity of coffee demanded. This is because people tend to buy less of a product as its price goes up. However, it will not directly affect the demand for coffee, which is determined by a variety of factors such as consumer preferences and income levels. It will also not affect the supply of coffee, which is determined by producers and their willingness to supply coffee at different price points.

An Increase in the Price of Coffee,holding Other Things Constant,will