1. Consumers perceive coffee and tea as substitutes.How would a decrease in the supply of coffee affect the market for tea? Increasing the supply for tea, ultimately increasing the price of tea as well Decreasing the demand for tea, ultimately decreasing the price of tea as well. Increasing the demand for tea, ultimately increasing the price of tea as well Decreasing the supply for tea, ultimately decreasing the price of tea as well

1. Consumers perceive coffee and tea as substitutes.How would a decrease in the supply of coffee affect the market for tea? Increasing the supply for tea, ultimately increasing the price of tea as well Decreasing the demand for tea, ultimately decreasing the price of tea as well. Increasing the demand for tea, ultimately increasing the price of tea as well Decreasing the supply for tea, ultimately decreasing the price of tea as well

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

1. Consumers perceive coffee and tea as substitutes.How would a decrease in the supply of coffee affect the market for tea?
Increasing the supply for tea, ultimately increasing the price of tea as well
Decreasing the demand for tea, ultimately decreasing the price of tea as well.
Increasing the demand for tea, ultimately increasing the price of tea as well
Decreasing the supply for tea, ultimately decreasing the price of tea as well

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