Essay
Prices communicate information about the relative value of resources in the marketplace. Which of the following would cause the marginal value and, hence, the price, of oranges to rise?
a.A freeze wipes out half of the Florida citrus groves.
b.Orange juice is shown to reduce blood cholesterol levels.
c.The price of grape, cranberry, and pineapple juice falls dramatically.
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a. and b. would result in higher orange ...View Answer
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