APFIVE Demand Increase and Market Equilibrium
If a change in consumer preferences causes the demand for coffee to increase, what is the resulting effect on the equilibrium price and equilibrium quantity of coffee?
A
The equilibrium price would decrease, but the quantity would increase.
B
The equilibrium price would increase, but the quantity would decrease.
C
Both the equilibrium price and quantity would decrease.
D
The equilibrium price and quantity would both increase.
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