If the tea harvest is bad in a particular year, the supply of tea will
a. decrease, its price will decrease, and the quantity demanded of coffee will increase
b. decrease, its price will increase, and the quantity demanded of coffee will increase
c. decrease, its price will increase, and the quantity demanded of coffee will decrease
d. decrease, its price will decrease, and the quantity demanded of coffee will decrease
e. increase, its price will increase, and the quantity demanded of coffee will increase
Question 2
The market for chewing gum is competitive with a current price of 50 cents per pack and quantity of 100,000 packs. Which of the following events would lead to a new equilibrium price of 40 cents and quantity of 80,000 packs?
a. an increase in the price of other kinds of candy
b. an increase in the price of the ingredients used to make chewing gum
c. a decrease in the number of young people in the population
d. an agreement by workers in the chewing gum industry to work for lower wages
e. an improvement in chewing gum production technology
Minerals are nonrenewable resources in limited supply
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