Elena loves orange juice. She reads in the newspaper that 20 percent of the Florida orange crop was destroyed by a late spring f

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Elena loves orange juice. She reads in the newspaper that 20 percent of the Florida orange crop was destroyed by a late spring f

rost. Economists predict that the price of oranges will rise by 50 percent by the end of the year. As a result, Elena's demand for orange juice A. shifts left today. B. decreases as she looks for a substitute good. C. will increase but not until the end of the year. D. increases today.

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1 answer:

stich3 [128] · Answer 1 · 2022-04-19T14:11:50+03:00

In the scenario in which, Elena who loves orange juice, reads in the newspaper that 20 percent of the Florida orange crop was destroyed by a late spring frost and economists predict that the price of oranges will rise by 50 percent by the end of the year. As a result, Elena's demand for orange juice increases today.An increase in the price of a good will decrease quantity demanded.