The quantity of coffee sold fell sharply last month, while the price remained the same. Five people suggest various explanations:Lorenzo: Supply decreased, but demand was unit elastic. Neha: Supply decreased, but it was perfectly inelastic. Sam: Supply decreased, but demand was perfectly elastic. Teresa: Demand decreased, but supply was perfectly elastic. Andrew: Demand decreased, but supply decreased at the same time. Who could possibly be right? A) LorenzoB) NehaC) SamD) TeresaE) Andrew
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The quantity of coffee sold fell sharply last month, while the price remained the same. Five people...
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