A wildfire destroyed a large amount of orange crops in California, leading to
A. a decrease in quantity supplied of oranges.
B. a decrease in supply of oranges.
C. a decrease in quantity demanded for oranges.
D. a decrease in demand for oranges.
Answer: B
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What is the "midpoint formula" and why is it used?
What will be an ideal response?
Specialization and trade benefits all participants only if: a. They specialize in those things they have both a comparative and absolute advantage in
b. They specialize in those things they have a comparative advantage in, even if they have an absolute disadvantage. c. They specialize in those things they have an absolute advantage in, even if they have a comparative disadvantage. d. Traders have the same opportunity cost of production
For a ____, if incomes rise and prices do not change, quantity demanded will increase
a. normal good b. inferior good c. Giffen good d. substitute good
Refer to the above figure. A price ceiling of $20 results in
A. a shortage of 200 units. B. a surplus of 100 units. C. a shortage of 100 units. D. a surplus of 200 units.