Discuss, and illustrate with a graph, how each of the following events will affect the market for
Question:
Discuss, and illustrate with a graph, how each of the following events will affect the market for coffee:
a. A blight on coffee plants kills off much of the Brazilian crop.
b. The price of tea declines.
c. Coffee workers organize themselves into a union and gain higher wages.
d. Coffee is shown to cause cancer in laboratory rats.
e. Coffee prices are expected to rise rapidly in the near future.
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Step by Step Answer:
a b Since the price of a substitute has fallen demand for coffee should decrease Demand decreases fr...View the full answer
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Related Book For 
Macroeconomics Principles and Applications
ISBN: 978-1133265238
5th edition
Authors: Robert e. hall, marc Lieberman
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