The final result of these changes will be a new equilibrium where the a) New Equilibrium price will be [Select] than the old equilibrium price. b) New Equilibrium quantity will be [Select ] than the old equilibrium [ Select ] no change, it will remain the same quantity. lower higher

The final result of these changes will be a new equilibrium where the a) New Equilibrium price will be [Select] than the old equilibrium price. b) New Equilibrium quantity will be [Select ] than the old equilibrium [ Select ] no change, it will remain the same quantity. lower higher

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter3: Demand And Supply

Section: Chapter Questions

Problem 19RQ: When the price is above the equilibrium, explain how market forces move me market price to...

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Question

100%

A recent study suggested that excessive coffee consumption increases risk of stroke. This scare caused consumers to cut their coffee consumption by HALF.

The final result of these changes will be a new equilibrium where the
a) New Equilibrium price will be [Select]
than the old equilibrium price.
b) New Equilibrium quantity will be [ Select]
than the old equilibrium
[ Select ]
no change, it will remain the same
quantity.
lower
higher

The final result of these changes will be a new equilibrium where the
a) New Equilibrium price will be
[ Select ]
than the old equilibrium price.
[ Select]
Lower
b) New Equilibrium quantity will no change, it will remain the same
than the old equilibrium
quantity.
Higher

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