Suppose we have the following information and sequence of events for the coffee market in Ethiopia: • Initially at the first equilibrium P=$20 and Q=20 • A flood hits Ethiopia and destroys coffee farm land • On the new supply curve at P=$20 quantity supplied is Qs=10 • The forces of supply and demand equilibrate the market at P-$35 and Q=15 Questions: After the shift was there excess demand or excess supply? There was neither excess supply nor excess demand. Excess demand initially, but then it changed to excess supply. Excess demand Excess supply

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