The market price for a cup of tea is currently $6.00. Sid is willing to pay a maximum of $ 8.00 for a cup of tea while Coffee & More is willing sell a cup of tea for a minimum of $ 2.00. If the market price changes to $ 3.00, what would be the consequences? OSid's consumer surplus would fall OCoffee & More's producer surplus would fall OThe social surplus would fall ONo changes would occur

The market price for a cup of tea is currently $6.00. Sid is willing to pay a maximum of $ 8.00 for a cup of tea while Coffee & More is willing sell a cup of tea for a minimum of $ 2.00. If the market price changes to $ 3.00, what would be the consequences? OSid's consumer surplus would fall OCoffee & More's producer surplus would fall OThe social surplus would fall ONo changes would occur

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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