Hey everyone I have a take home test and I can use any resource to get answers. I have a few I was hoping to get help on.
The first one is Starbucks, Caribou, and J&K are the entirety of sellers in the retail coffee market. if we add up all of their individual supply curves, we will arrive at: I think the answer is the market supply curve my other choices are a small number of consumers or a coffee reatiling cartel.
The next question is: The market for soybeans is initially in equilibrium. Because of ';mad cow'; disease, producers decide to replace bone meal with soybeans in cattle feed. The likely effect is that:
a) Equilbrium price and quantity of soybeans will rise
b) Equilbrium price and quantity of soybeans will fall
c)Equilbrium quantity of soybeans will rise but we can't determine what will happen to the equilbrium price
d)Equilbrium price of soybeans will rise but we can't determine what will happen to the equilbrium quantity
I am leaning toward c for the answer