The price of coffee rose sharply last month, while the quantity sold remained the same. Five people
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The price of coffee rose sharply last month, while the quantity sold remained the same. Five people suggest various explanations:
Leonard: Demand increased, but supply was perfectly inelastic.
Sheldon: Demand increased, but it was perfectly inelastic.
Penny: Demand increased, but supply decreased at the same time.
Howard: Supply decreased, but demand was unit elastic.
Raj: Supply decreased, but demand was perfectly inelastic.
Who could possibly be right? Use graphs to explain your answer.
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