Asked by
Yousef Ibrahim
on Dec 11, 2024Verified
A cold spell in Florida extensively reduced the orange crop, and as a result, California oranges commanded a higher price. Which of the following statements best explains the situation?
A) The supply of Florida oranges fell, causing the supply of California oranges to increase as well as their price.
B) The supply of Florida oranges fell, causing the supply of California oranges to decrease and their price to increase.
C) The supply of Florida oranges fell, causing their price to increase and the demand for California oranges to increase.
D) The demand for Florida oranges was reduced by the freeze, causing an increase in the price of California oranges and a greater demand for them.
Orange Crop
The yield of orange trees harvested in a particular area during a single growing season.
Cold Spell
A period of unusually cold weather relative to the expected conditions for a certain time of year.
Supply
The total amount of a product or service available for purchase at any given time.
- Analyze the effects of external factors on market prices and quantities.
- Learn about the repercussions of price modifications on the supply side of the market and on the quantity available.
Verified Answer
BS
Learning Objectives
- Analyze the effects of external factors on market prices and quantities.
- Learn about the repercussions of price modifications on the supply side of the market and on the quantity available.
Related questions
In Figure 3-12, Suppose D 1 and S 1 Indicate Initial Conditions ...
In Figure 3-8, If the Initial Demand and Supply for ...
Assume That Corn and Soybeans Are Alternatives That Could Be ...
In Figure 3-11, Suppose D 1 and S 1 Indicate Initial Conditions ...
Producers Are Willing to Offer Greater Quantities for Sale at ...