Suppose a frost destroys much of the Florida orange crop. At the same time, suppose consumer tastes shift toward orange juice, What would we expect to happen to the equilibrium price and quantity in the market for orange juice ?

Related Mcqs:

A reduction in the costs of production will ?

A. Lead to a movement along the supply curve B. Shift the demand curve C. Shift the supply curve D. Lead to an extension of supply...

VAT is a good example of which kind of tax ?

A. Specific B. Exercise duty C. Direct D. Ad valorem...

Externalities arise because there is a divergence between ________ and _________?

A. private costs, private benefits B. private costs, social costs or benefits C. social costs, social benefit D. insiders, outsiders...

Agricultural prices tend to be unstable because ?

A. Supply is price elastic B. Demand is price elastic C. Supply is stable D. Demand and supply are price inelastic...

Market failure may arise because of ?

A. imperfect competition B. taxation C. externalities D. missing markets E. all of the above...