Use the Figure Below to Answer the Following Questions

question 143

Multiple Choice

Use the figure below to answer the following questions.
Table 3.5.2
Demand and Supply Schedules for Cups of Coffee each day at CoolU

-Refer to Table 3.5.2.A premature frost destroys half the coffee trees and the supply of coffee is cut in half.The new equilibrium price is $________ and the new equilibrium quantity is ________ cups a day.

• A)1.30;600
• B)1.50;400
• C)0.90;400
• D)1.20;700
• E)1.30;500

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Definitions:

Concentration Ratio

A measure used to assess the degree to which a small number of firms dominate within an industry, often expressed as a percentage of total market share.

Concentration Ratios

Measures of market structure and competition which indicate the cumulative market share of the top firms in an industry.

Geographic Location

Geographic Location denotes the specific physical position of an entity on Earth's surface, influencing its economic activities.

Marginal Cost

The rise in complete costs associated with creating one more unit of a good or service.