carefully explain what is happening in the market for tea. indicate the impact if any on demand, supply,price and quantity .coffee and tea are demand substitutes. coffee plantations increase the supply of coffee. choose the suitable answer. 1) Impact on demand a. decrease equilibrium quantity b.excess supply c. increase equilibrium quantity d. decrease towards equilibrium e.increase towards equilibrium f. change in price in uncertain g.decrease equilibrium price h.excess demand i. change in quantity uncertain j.increase equilibrium price k. no impact l.shift outwards/ to right m.shift inwards/to left
carefully explain what is happening in the market for tea. indicate the impact if any on demand, supply,price and quantity .coffee and tea are demand substitutes. coffee plantations increase the supply of coffee. choose the suitable answer. 1) Impact on demand a. decrease equilibrium quantity b.excess supply c. increase equilibrium quantity d. decrease towards equilibrium e.increase towards equilibrium f. change in price in uncertain g.decrease equilibrium price h.excess demand i. change in quantity uncertain j.increase equilibrium price k. no impact l.shift outwards/ to right m.shift inwards/to left
Chapter5: Markets In Motion And Price Controls
Section: Chapter Questions
Problem 1P
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Question
carefully explain what is happening in the market for tea. indicate the impact if any on demand, supply,price and quantity .coffee and tea are demand substitutes. coffee plantations increase the supply of coffee.
choose the suitable answer.
1) Impact on demand
a. decrease
b.excess supply
c. increase equilibrium quantity
d. decrease towards equilibrium
e.increase towards equilibrium
f. change in price in uncertain
g.decrease
h.excess demand
i. change in quantity uncertain
j.increase equilibrium price
k. no impact
l.shift outwards/ to right
m.shift inwards/to left
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