A cold spell in Florida extensively reduced the orange crop and-09112
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?
This multiple choice question (MCQ) is related to the book/course
vu eco402 Microeconomics.
It can also be found in
vu eco402 Final Term - Quiz No.3.
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?
The supply of Florida oranges fell, causing the supply of California oranges to increase as well as their price.
The supply of Florida oranges fell, causing the supply of California oranges to decrease and their price to increase.
The supply of Florida oranges fell, causing their price to increase and the demand for California oranges to increase.
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.
