You Observe That in the Market for Coffee That Both

question 329

Multiple Choice

You observe that in the market for coffee that both the equilibrium price of coffee and the equilibrium quantity have increased. You predict that the demand for coffee

• A) has not changed but that the supply of coffee has decreased.
• B) has increased with no change in the supply of coffee.
• C) has increased less than supply of coffee has decreased.
• D) has increased but it is not as large as the increase in supply.

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Definitions:

Reasonable Skill

The level of competence that one can expect from a person with the standard abilities and knowledge in a particular field.

Breach of Contract

Occurs when one party fails to fulfill their obligations under a contract without a lawful excuse.

Agency Contract

A legal agreement where one party, the agent, agrees to act on behalf of another, the principal, in business dealings.

Duty of Obedience

The requirement for directors and officers of an organization to act in accordance with its governing documents and decisions made by its governing body.