Multiple Choice
Coffee has increased in price from $10 to $15 per pound. This change has lead to a decrease in the quantity of coffee demanded at a particular store from 75 to 50 pounds. Which of the following is true about the demand for coffee?
A) Demand for coffee is perfectly elastic
B) Demand for coffee has dropped to zero
C) Demand for coffee has reached equilibrium
D) Demand for coffee is inelastic
Correct Answer:
Verified
Correct Answer:
Verified
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