Multiple Choice
A severe freeze has once again damaged the Florida orange crop. The impact on the market for orange juice will be a leftward shift of:
A) the supply curve.
B) the demand curve, as consumers try to economize because of the shortage.
C) both the supply and demand curves.
D) the supply curve and a rightward shift of the demand curve, resulting in a higher equilibrium price.
Correct Answer:
Verified
Correct Answer:
Verified
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