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Suppose a drought in Columbia destroys a significant portion of the nation's coffee crop

Economics

Suppose a drought in Columbia destroys a significant portion of the nation's coffee crop. How would this change the equilibrium price and quantity of coffee within the supply and demand framework?

a. Equilibrium price will increase and the equilibrium quantity will decrease.

b. Equilibrium price and quantity will both increase.

c. Equilibrium price and quantity will both decrease.

d. Equilibrium price will decrease and the equilibrium quantity will increase.

Option 1

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Option 2

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