The Economic Way of Thinking 13th Edition by David Prychitko, Peter Boettke, Paul Heyne

Exercise 12

The news media report that a severe frost has done extensive damage to the Florida orange crop, and that frozen orange juice will soon be in very short supply. How would you evaluate each of the following actions? Choose one of the options: completely fair, probably fair, Probably unfair, totally unfair.
(a) Local grocer raises the price on all frozen orange juice in the store as soon as she hears the news.
(b) Homemaker rushes to the store and buys a three-month supply of frozen orange juice as soon as she hears the news.
(c) Orange grower whose crop was not touched by the frost raises the price for all his oranges as soon as he hears the news.
(d) Orange grower whose crop was severely damaged raises the price for all of her remaining oranges as soon as she hears the news.
(e) Orange juice processors rush to purchase as many oranges as they can as soon as they hear the news.