What will be the effects of a severe Florida freeze on the price of orange-juice-concentrate futures and what will occur as a result?
A) The futures price will fall and less orange juice will be consumed currently.
B) The futures price will fall and more orange juice will be consumed currently.
C) The futures price will rise and less orange juice will be consumed currently.
D) The futures price will rise and more orange juice will be consumed currently.
C
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Variables X and Y in the table below are:
A. Positively related
B. Negatively related
C. Not directly related
D. Independently related
Consumer surplus
A. is the area below demand and above market price over all the units consumed. B. is positive for all but the last unit purchased. C. for a particular unit of consumption is computed by taking the difference between demand price and market price. D. added to producer surplus provides a measure of the net gain to society from the production and consumption of the good. E. all of the above