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7. Refer to Figure 2.1.2. The price of coffee is currently $6.00. and quantity demanded is 7 million pounds. Then there is a notable increase in the preference for coffee over other substitutes, like tea. Which move best describes this change? Price (dollars per pound) 7.50 6.00 Figure 2.1.2 10 Quantity (millions of pounds of coffee per year) a. A move from B to A O b. A move from B to C c. A move from B to C, and then to A O d. A move from B to A, and then to C

7. Refer to Figure 2.1.2. The price of coffee is currently $6.00. and quantity demanded is 7 million pounds. Then there is a notable increase in the preference for coffee over other substitutes, like tea. Which move best describes this change? Price (dollars per pound) 7.50 6.00 Figure 2.1.2 10 Quantity (millions of pounds of coffee per year) a. A move from B to A O b. A move from B to C c. A move from B to C, and then to A O d. A move from B to A, and then to C

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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7. Refer to Figure 2.1.2. The price of coffee is currently $6.00. and quantity demanded is 7 million pounds. Then there is a notable increase in the preference for coffee over other substitutes, like tea. Which move best describes this change? Price (dollars per pound) 7.50 6.00 Figure 2.1.2 10 Quantity (millions of pounds of coffee per year) a. A move from B to A O b. A move from B to C c. A move from B to C, and then to A O d. A move from B to A, and then to C
Transcribed Image Text:7. Refer to Figure 2.1.2. The price of coffee is currently $6.00. and quantity demanded is 7 million pounds. Then there is a notable increase in the preference for coffee over other substitutes, like tea. Which move best describes this change? Price (dollars per pound) 7.50 6.00 Figure 2.1.2 10 Quantity (millions of pounds of coffee per year) a. A move from B to A O b. A move from B to C c. A move from B to C, and then to A O d. A move from B to A, and then to C
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