Statements correctly reflects the subsequent developments

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Reference no: EM131193879

Suppose in the current year that there is a nation-wide drought for apple growers and a statewide bumper crop for oranges in both Florida and California. Which of the following statements correctly reflects the subsequent developments in the U.S. orange market?

a. Both equilibrium output and price will increase. b. Both equilibrium output and price will decrease. c. Both equilibrium output and price may decrease. d. Equilibrium output may decrease and price will increase. e. Equilibrium output will increase and price may increase.

Reference no: EM131193879

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