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Home Q & A Board Other Fields Homework Help Business Economics
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Sublight2097 Sublight2097
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8 years ago
"The Florida freeze has destroyed 40% of the orange crop. The reduction in supply will increase orange prices, and therefore reduce demand. As demand falls, orange prices will also fall." Is there anything wrong with the above statement?
A) Yes. The freeze would not reduce the supply.
B) Yes. The higher price would not reduce the demand.
C) Yes. It assumes the demand curve for oranges is vertical.
D) Yes. It assumes the demand curve for oranges is upward-sloping.
Textbook 
The Economic Way of Thinking

The Economic Way of Thinking


Edition: 13th
Authors:
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SmooothSmoooth
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8 years ago
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Sublight2097 Author
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#2
8 years ago
My mind was going in all different directions trying to figure this one out. Thanks so much.
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#3
8 years ago
My pleasure Happy Dummy
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#4
4 years ago
ayy
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