Extremely cold winter weather has destroyed oranges in Florida. The freeze has caused
A) scarcity because there are less oranges now than people want.
B) scarcity because people have to switch to other types of citrus fruits.
C) a shortage because people cannot obtain as many oranges as they wish to buy at the pre-freeze price.
D) a shortage because the orange growers will have less income.
C
You might also like to view...
If a good has only a few, poor substitutes, is its demand elastic or inelastic?
What will be an ideal response?
The circular flow diagram indicates that
A) households sell the services of factors of production to firms. B) firms buy the services of factors of production from the government. C) households sell goods and services to the government. D) firms buy goods and services from households.
An advance in technology will
A) not shift the production function but will lead to a movement down along the production function. B) shift the production function downward. C) not shift the production function but will lead to a movement up along the production function. D) shift the production function upward.
Stability of the U.S. economy between 1985 and 2007 referred to as
A) Great Moderation. B) the Great Depression. C) Automatic Stabilizer. D) Fiscal Discretion.