77) Suppose a frost destroys much of the Florida orange crop. At the same time, suppose consumer tastes shift toward orange juice. What would we expect to happen to the equilibrium price and quantity in the market for orange juice?

Answer is:

Price will increase; quantity is ambiguous.

There is an increase in the demand and supply of apples

There is an increase in the demand for apples and a decrease in the supply of apples.

There is a decrease in the quantity demanded of apples along its demand curve and an increase in the supply for apples.

There is an increase in the demand for apples and an increase in the quantity supplied of apples along the supply curve

Answer is:

Answer is:

Answer is:

Answer is: