What Would Happen to the Equilibrium Price and Quantity of Lattés

question 194

Multiple Choice

What would happen to the equilibrium price and quantity of lattés if coffee shops began using a machine that reduced the amount of labor necessary to produce them?

• A)Both the equilibrium price and quantity would increase.
• B)Both the equilibrium price and quantity would decrease.
• C)The equilibrium price would increase, and the equilibrium quantity would decrease.
• D)The equilibrium price would decrease, and the equilibrium quantity would increase.

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Definitions:

Social Phenomena

Events, behaviors, or patterns that occur within the realm of society and influence or are influenced by human behavior on a collective scale.

Anthony Giddens

A British sociologist known for his theory of structuration, which aims to understand the relationship between individual actions and societal structures.

Structures

The arrangement or organization of parts as dominant in a society, or in any particular context, defining its framework and function.

Figuration

A concept in sociology that refers to the dynamic patterns of interdependence among individuals or between individuals and society.