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What is the effect on equilibrium price and equilibrium

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Reference no: EM131925696

Problem: Consider the market for oranges. A hurricane destroys the Florida orange crop. What happens to the market? Does supply or demand shift and in what direction? What is the effect on equilibrium price and equilibrium quantity? Answer using the concepts of supply and demand and either describe the effects or show them on a graph.

Reference no: EM131925696

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