Quizzol

QUESTION:

uppose consumer tastes shift toward the consumption of coffee. Which of the following statements is an accurate description of the impact of this event on the market for coffee?

a. There is an increase in the demand for coffee and a decrease in the supply of coffee.

b. There is an increase in the demand for coffee and an increase in the quantity supplied of coffee.

c. There is an increase in the quantity demanded of coffee and in the supply of coffee.

d. There is a decrease in the quantity demanded of coffee and an increase in the supply of coffee.

e. There is an increase in the demand and supply of coffee.

ANSWER:

b. There is an increase in the demand for coffee and an increase in the quantity supplied of coffee.

Posted by Cleveland on August 30, 2024