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25-02-2020
Social Studies

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Coffee and tea are substitutes. All else equal, what would happen to the equilibrium price and quantity of coffee if the wages of coffee-bean pickers fell and the price of tea fell?

Respuesta :

25-02-2020

Answer:

Price would fall and the effect on quantity would be ambiguous.

Explanation:

If the wages of coffee-bean picker fell, the price of coffee will also fall, though the effect on the quantity of coffee supply cannot be estimated.

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