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book Intermediate Microeconomics and Its Application 12th Edition by Walter Nicholson,Christopher Snyder cover

Intermediate Microeconomics and Its Application 12th Edition by Walter Nicholson,Christopher Snyder

Edition 12ISBN: 978-1133189022
book Intermediate Microeconomics and Its Application 12th Edition by Walter Nicholson,Christopher Snyder cover

Intermediate Microeconomics and Its Application 12th Edition by Walter Nicholson,Christopher Snyder

Edition 12ISBN: 978-1133189022
Exercise 25
The following statements were made by two reporters describing the same event. Which reporter (if either) gets the distinction between shifting a demand curve and moving along it correct?
Reporter 1. The freezing weather in Florida will raise the price of oranges, and people will reduce their demand for oranges. Because of this reduced demand, producers will now get lower prices for their oranges than they might have and these lower prices will help restore orange purchases to their original level.
Reporter 2. The freezing weather in Florida raises orange prices and reduces the demand for oranges. Orange growers should therefore accustom themselves to lower sales even when the weather returns to normal.
Explanation
Verified
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a) A curve shifts when weather condition...

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Intermediate Microeconomics and Its Application 12th Edition by Walter Nicholson,Christopher Snyder
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