Answer these questions below
Question Description
1. Why can we be confident that the market for coffee is competitive and that a decrease in supply rather than the greed of coffee growers is the reason for the 2014 rise in price?
2. Village, a small isolated town, has one doctor. For a 30-minute consultation, the doctor charges a rich person twice as much as a poor person.
Does the doctor practice price discrimination? Is the doctor using resources efficiently? Does the doctor’s pricing scheme redistribute consumer surplus? If so, explain how.
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