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What would happen to the equilibrium price and quantity of coffee if the wages of coffee-bean pickers fell and the price of tea fell?   a. Price would rise, and the effect on quantity would be ambiguous.   b. Price would fall, and the effect on quantity would be ambiguous.   c. Quantity would fall, and the effect on price would be ambiguous.   d. Quantity would rise, and the effect on price would be ambiguous.

What would happen to the equilibrium price and quantity of coffee if the wages of coffee-bean pickers fell and the price of tea fell?   a. Price would rise, and the effect on quantity would be ambiguous.   b. Price would fall, and the effect on quantity would be ambiguous.   c. Quantity would fall, and the effect on price would be ambiguous.   d. Quantity would rise, and the effect on price would be ambiguous.

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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  1. What would happen to the equilibrium price and quantity of coffee if the wages of coffee-bean pickers fell and the price of tea fell?
      a.
    Price would rise, and the effect on quantity would be ambiguous.
      b.
    Price would fall, and the effect on quantity would be ambiguous.
      c.
    Quantity would fall, and the effect on price would be ambiguous.
      d.
    Quantity would rise, and the effect on price would be ambiguous.
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