Which of the following shifts the demand curve for oranges?
A) disastrous weather that destroys about half of this year's orange crop
B) a decrease in the price of a pound of bananas, a substitute in consumption for oranges
C) an increase in the price of the fuel used to transport oranges to supermarkets
D) great weather that produces a bumper orange crop this year
B
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Scarcity exists because
A) society and people are greedy and wasteful. B) our wants exceed the resources available to satisfy them. C) of the inefficient choices we make. D) poor people need more food and other goods.
If total revenue exceeds fixed cost, a firm
A) is making short-run profits. B) should produce in the short run. C) has covered its variable cost. D) may or may not produce in the short run, depending on whether total revenue covers variable cost.