Save Question 15 (1 point) Suppose that tea and coffee are substitutes. Assume that a frost destroys nearly two-thirds of the world coffee crop. According to supply and demand models, this should have resulted in a(n): increase in the demand for coffee. decrease in the demand for coffee. increase in the price of tea. decrease in the price of tea. Save Save Question 14 (1 point) A 10 percent increase in the price of soda leads to a 20 percent decrease in the quantity of soda demanded. It appears that: The price elasticity of demand for soda is inelastic. The price elasticity of demand for soda is elastic. The price elasticity of demand for soda is 0.5. None of the above. Save Save Question 13 (1 point) The price elasticity of demand is defined as: the percentage change in price divided by the percentage change in quantity demanded. the percentage change in quantity demanded divided by the percentage change in price. the slope of the demand curve divided by the price. the slope of the demand curve. Save Question 12 (1 point) Suppose the wholesale market equilibrium price for raw sugar is 6 cents a pound and the market quantity sold is 30 million pounds. Which of the following policies would create an excess supply of sugar? A price ceiling of 10 cents a pound. A price floor of 10 cents a pound. A price ceiling of 3 cents a pound, A price floor of 3 cents a pound. Save