Assume that for some reason the coffee price in the previous question is above the equilibrium price.
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Assume that for some reason the coffee price in the previous question is above the equilibrium price. What pressures would cause this market to tend toward equilibrium?
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When the price of coffee is above the equilibrium price it indicates that there is a surplus of coffee in the market that is the quantity supplied exc...View the full answer
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Related Book For
Economics An Introduction To Traditional And Progressive Views
ISBN: 9780765616685
7th Edition
Authors: Howard J. Sherman, E. K. Hunt, Reynold F. Nesiba, Phillip A. O'Hara, Barbara A. Wiens-Tuers
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