A freeze in Florida's orange growing regions will:
A result in a sharp increase in the price of oranges in the short run because demand and supply are highly elastic.
B result in a sharp increase in the price of oranges in the short run because demand and supply are highly inelastic.
C result in little change in the price of oranges in the short run because supply is infinitely elastic.
D result in a sharp decrease in the price of oranges in the short run because demand is highly inelastic and supply is highly elastic.
B result in a sharp increase in the price of oranges in the short run because demand and supply are highly inelastic.
You might also like to view...
________ choose the quantities of factors of production to hire, and ________ choose the quantities of goods and services to produce
A) Entrepreneurs; firms B) Firms; firms C) Markets; markets D) Factor markets; goods markets E) Firms; households
Your college bookstore buys a used textbook for $25 and sells it to you for $125. What happens to GDP?
A) It increases by $25. B) It increases by $100. C) It increases by $125. D) It increases by $150.
Tools and equipments used in production are:
a. natural resources. b. entrepreneurial resources. c. human capital. d. capital resources. e. labor resources.
The specification of the maximum amounts of commodities which may be imported into a country in any period of time is a:
Tariff Quota Nontariff barrier Voluntary export restriction