Solved: What will the combined impact be on the equilibrium price, Business Management

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What will the combined impact be on the equilibrium price

Consider the market for coffee.

Suppose that, as part of an international trade agreement, the U.S. government reduces the tariff on imported coffee. At the same time, suppose the National Institutes of Health publishes a study finding that coffee drinking reduces the probability of getting colon cancer.

What will the combined impact be on the equilibrium price and quantity of coffee? Explain your reasoning. Be sure to state which curve(s) shift and it what direction.

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