Because of unseasonably cold weather, the supply of oranges has substantially decreased. This statement indicates the:

A.  demand for oranges will necessarily rise.
B.  equilibrium quantity of oranges will rise.
C.  amount of oranges that will be available at various prices has declined.
D.  price of oranges will fall.

ANSWER:

C.  amount of oranges that will be available at various prices has declined.

because of unseasonably cold weather, the supply of oranges has substantially decreased. This statement indicates the

a) demand for oranges will necessarily rise
b) supply of oranges has declined
c) equilbrium quantity of oranges will rise
d) price oranges will fall

ANSWER: b) supply of oranges has declined

Because of unseasonably cold weather, the supply of oranges has substantially decreased. This statement indicates that

A. consumers will be willing and able to buy more oranges at each possible price.
B. the demand for oranges will necessarily rise.
C. the quantity of oranges available for sale at various prices has declined.
D. the equilibrium quantity of oranges will rise.

ANSWER: C. the quantity of oranges available for sale at various prices has declined.