A period of bad weather hurt the orange groves in Florida, from where many of the oranges grown for juice come. Supplies of oranges dropped greatly because of the bad weather. What is the most likely effect on the price of orange juice?
(1 point)
Responses
Prices will drop because people will buy less orange juice.
Prices will drop because people will buy less orange juice.
Prices will stay the same because oranges and orange juice are not the same good.
Prices will stay the same because oranges and orange juice are not the same good.
Prices will rise because the orange market and the orange juice market are closely connected.
Prices will rise because the orange market and the orange juice market are closely connected.
It is impossible to tell whether prices will change.
Prices will rise because the orange market and the orange juice market are closely connected.
Specialization most helps producers by growing what?
(1 point)
Responses
consumer demand
consumer demand
labor productivity
labor productivity
prices of goods
prices of goods
levels of trade
consumer demand
What is achieved when supply meets demand?
(1 point)
Responses
relative price
relative price
market price
market price
equilibrium price
equilibrium price
quantity price