Question

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?.

Answer 1

Frost destroys much of the Florida orange crop, and at the same time, suppose consumer tastes shift toward orange juice. Price will increase, quantity is ambiguous.

What is price?

• A price is the amount of money that is (often not negatively) exchanged from one party to another in exchange for their goods or services.
• The cost of production may go by another name in some circumstances. If a product is classified as a "good" in a commercial exchange, its price is most likely to be referred to as such.
• However, there will be alternative titles for this thing if it is a "service."

The bottom graph, for instance, will display some circumstances. Production expenses, the availability of the desired item, and consumer demand all have an impact on a good's pricing. A price may be set by a monopolist or imposed on the company by the market.

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