A Technological Improvement Lowers the Cost of Producing Coffee

question 109

Multiple Choice

A technological improvement lowers the cost of producing coffee. At the same time, consumers' preferences for coffee increase. The equilibrium price of coffee will

• A) rise.
• B) fall.
• C) remain the same.
• D) rise, fall, or stay the same, depending on the relative size of the shifts in the demand and supply curves.

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Definitions:

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