A heavy rain season in Columbia, South America made it very difficult to grow coffee beans, as a result 25% less coffee beans were produced this growing season. What would be the resulting effect on the price of Columbian coffee?
Question 2
2.
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?
Question 3
3.
What happens to the price of product if the supply goes up, but demand stays the same?
Question 4
4.
The price at which supply equals demand is called the _____ price.
Question 5
5.
If the price being charged for a product is more than consumers feel it is worth, which of the following will occur?
Question 6
6.
If the price being charged for a product is less than consumers feel it is worth, which of the following will occur?