A heavy rain season in South America made it very difficult to grow coffee beans. What would be the resulting effect on the price of Columbian coffee?
Price would increase
Price would decrease
No change in price
This is not the answer
Doctors at Harvard University release a report stating that drinking 8oz of green tea each day lowers the risk of cancer. What effect would this have on the price of green tea?
Price would increase
Price would decrease
No change in price
This is not the answer
What happens to the price of product if the supply goes up, but demand stays the same?
Price would increase
Price would decrease
No change in price
This is not the answer
The price at which supply equals demand is called the _____ price.
surplus
equillibrium
strike
demand
If the price being charged for a product is more than consumers feel it is worth, which of the following will occur?
Surplus
Shortage
Equillibrium
Scarcity
If the price being charged for a product is less than consumers feel it is worth, which of the following will occur?