10. If both supply and demand increase simultaneously, the new equilibrium price is and the new equilibrium quantity is. A. lower; lower B. lower; indeterminate C. indeterminate; higher D. higher; indeterminate 11. If supply decreases while demand increases simultaneously, the new equilibrium price is and the new equilibrium quantity is A. lower; lower B. lower; indeterminate C. indeterminate; higher D. higher; indeterminate Price of a cup of coffee $3.50 3.00 2.50 2.00 1.50 1.00 $.50 Original Supply New Supply New Demand Original Demand 160 70 10 20 30 40 50 Cups sold in an hour 12. Refer to the figure above. What might cause Supply to shift from the Original Supply to the New Supply? A. A storm in South America wipes out the entire coffee crop. B. New technology reduces the amount of coffee beans necessary to make a good-tasting pot of coffee. C. A news report that coffee consumption greatly increases productivity. D. An increase in the price of tea.

10. If both supply and demand increase simultaneously, the new equilibrium price is and the new equilibrium quantity is. A. lower; lower B. lower; indeterminate C. indeterminate; higher D. higher; indeterminate 11. If supply decreases while demand increases simultaneously, the new equilibrium price is and the new equilibrium quantity is A. lower; lower B. lower; indeterminate C. indeterminate; higher D. higher; indeterminate Price of a cup of coffee $3.50 3.00 2.50 2.00 1.50 1.00 $.50 Original Supply New Supply New Demand Original Demand 160 70 10 20 30 40 50 Cups sold in an hour 12. Refer to the figure above. What might cause Supply to shift from the Original Supply to the New Supply? A. A storm in South America wipes out the entire coffee crop. B. New technology reduces the amount of coffee beans necessary to make a good-tasting pot of coffee. C. A news report that coffee consumption greatly increases productivity. D. An increase in the price of tea.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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