3. (LO 4, 5, 6) Suppose that new medical research strongly indicates that the consumption of coffee...
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3. (LO 4, 5, 6) Suppose that new medical research strongly indicates that the consumption of coffee can cause cancer of the colon. What effect will this news have on the equilibrium price and quantity traded of the following products?
a) coffee beans Price: Quantity traded:
b) tea, a substitute for coffee Price: Quantity traded:
c) Danish pastries, a complement to coffee Price: Quantity traded:
d) teapots, a complement to tea Price: Quantity traded:
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