Suppose that extremely cold winter weather destroys the current crop of oranges on the trees in Florida. Which of the following statements is then TRUE?
A) The price of oranges can be expected to decline.
B) The price that the typical consumer is willing to pay for an orange will decline.
C) Oranges are now relatively more scarce.
D) Oranges are now relatively less scarce.
Correct Answer:
Verified
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