Suppose the Indian Ocean tsunami destroyed coffee production in Indonesia. On international coffee markets, this would...
Suppose the Indian Ocean tsunami destroyed coffee production in Indonesia. On international coffee markets, this would cause
| a | a movement up and to the right along the supply curve for coffee. |
| b | a movement down and to the left along the supply curve for coffee. |
| c | a leftward shift of the coffee demand curve. |
| d | a leftward shift of the coffee supply curve. |
| e | a rightward shift of the coffee supply curve. |
If firms expect lower prices in the future, this would be shown as
| a | no change in today's supply but an increase in future supply. |
| b | an increase in supply today. |
| c | a movement down and to the left along the supply curve today. |
| d | a decrease in supply today. |
| e | a movement up and to the right along the supply curve today. |
If the price of a good is currently above the good's equilibrium price, then
| a | there will be no tendency for the price to change. |
| b | some buyers will not be able to buy as much as they want, and will bid the price up. |
| c | some buyers will not be able to buy as much as they want, and will bid the price down. |
| d | some sellers will not be able to sell as much as they want, and will bid the price up. |
| e | some sellers will not be able to sell as much as they want, and will bid the price down. |
Homework Answers
● d. A leftward shift of the coffee supply curve.
(As the tsunami has caused destruction, the overall production of coffee will decrease)
● b. An increase in the supply today.
(Expected lower prices are not beneficial for supplier, and hence they would increase the supply now in order to get higher prices)
● c. Some buyers will not be able to buy as much they want, and will bid the price down.
(There will be excess supply and less demand. Buyers will bid prices down in order to buy more).
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