Use supply and demand curves to illustrate the impact of the following events on the market for
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a) The price of tea goes up by 100 percent.
b) A study is released that links consumption of caffeine to the incidence of cancer.
c) A frost kills half of the Colombian coffee bean crop.
d) The price of styrofoam coffee cups goes up by 300 percent.
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a An increase in the price of a substitute such as tea will increase de...View the full answer
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