Asked by Blade McKee on Apr 25, 2024
Verified
In the local market for coffee,if Joyce's Java and Everyday Joe's coffee shops go out of business,the _____ curve shifts to the _____.
A) supply;right
B) demand;left
C) supply;left
D) demand;right
Local Market
A market in which goods and services are bought and sold within a specific geographic area, often reflecting the preferences and characteristics of the local population.
Supply Curve
The supply curve is a graphical representation showing the relationship between the price of a good and the quantity of the good that producers are willing and able to supply at various prices.
- Recognize the significance of the number of producers on the supply of goods.
Verified Answer
ID
Isabella Delarosa8 days ago
Final Answer :
C
Explanation :
When Joyce's Java and Everyday Joe's coffee shops go out of business, the total quantity of coffee available in the market decreases because two suppliers are removed. This reduction in the quantity of coffee supplied at any given price leads to a leftward shift in the supply curve, indicating a decrease in supply.
Learning Objectives
- Recognize the significance of the number of producers on the supply of goods.