Exploring the Dynamics of Supply and Demand in Coffee Pricing

What does 'supply' in economics refer to?

• The desire of consumers for a particular good

• The total amount of money in the economy

• The number of goods and services produced at a certain price

• The quantity of goods consumers are willing to buy

If the price of coffee increases from $3 to $8, how does the quantity demanded change?

• Remains the same

• Increases to 100 cups

• Increases to 150 cups

• Decreases to 30 cups

What is the effect of a price decrease on the demand curve?

• Shifts to the left

• Shifts to the right

• Moves upward

• Moves downward

Why does the supply curve slope upwards?

• Demand decreases as prices increase

• Higher prices incentivize more supply

• Lower prices lead to higher demand

• Supply decreases as prices increase

What happens to the coffee shop's supply at $1 per cup?

• It increases to 150 cups

• It decreases to 0 cups

• It remains at 100 cups

• It is not affected by the price

How does an increase in the cost of beans affect the shop owner's pricing?

• Decreases the price to $1

• Does not change the price

• Keeps the price at $3

• Increases the price to $4.5

What is 'emergent order' in the context of market economics?

• A government-imposed pricing system

• A fixed supply and demand curve

• An unspoken agreement between buyers and sellers

• A decrease in demand due to environmental changes

What differentiates 'quantity demanded' from 'demand'?

• Demand is always constant

• Quantity demanded refers to seller's perspective

• Quantity demanded is affected by price only

• Demand increases with price

What could cause the entire demand curve to shift downward?

• An increase in the price of coffee

• A change in consumer preferences

• An increase in the supply of coffee

• A decrease in the price of coffee

What action is suggested to understand today's price of coffee?

• Creating a new supply curve

• Looking up a Coffee Price Chart

• Surveying local coffee shops

• Predicting future coffee prices