1b03practiceexam - MULTIPLE CHOICE Choose the one...

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MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. Use the figure below to answer the following question(s). Table 3.4 Demand and Supply Schedules for Cups of Coffee each day at CoolU. Quantity Quantity Price Demanded Supplied $0.70 1,200 0 $0.80 1,100 200 $0.90 1,000 400 $1.00 900 600 $1.10 800 800 $1.20 700 1,000 $1.30 600 1,200 $1.40 500 1,400 $1.50 400 1,600 1) Consider Table 3.4. A premature frost destroys half the coffee trees. The new equilibrium price is $________ and the new equilibrium quantity is ________ cups. 1) _________
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