Suppose that because of unseasonably cold weather in Florida, a significant portion of the orange crop has been lost to freezing temperatures. This statement means that
A) the demand for oranges will rise.
B) the equilibrium quantity of oranges will rise.
C) the amount of oranges available at various prices will decline.
D) the price of oranges will fall.

Question

Quizplus · Accepted Answer

The statement implies that there will be a decrease in the supply of oranges due to the loss of crop from the freezing temperatures. This decrease in supply will shift the supply curve to the left, resulting in less oranges available at various prices. Therefore, the amount of oranges available at various prices will decline. The other answer choices do not align with the given scenario.

Suppose That Because of Unseasonably Cold Weather in Florida, a Significant