Suppose a severe freeze damages the Florida orange crop. Everything else remaining unchanged, which of the following is most likely to be true?
A) Because of the shortage of oranges, consumers will reduce their demand in order to economize.
B) The supply curve for oranges will shift to the right.
C) Both the output and the price of oranges will decrease.
D) Both the supply curve and the demand curve for oranges will shift to the left.
E) The output of oranges will fall and the price will increase.
Correct Answer:
Verified
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