1. Which of the following shows the workings of supply and demand? a. A cold snap hits Florida, resulting in higher orange juice prices in supermarkets. b. A warm summer in New England results in lower hotel prices in the Caribbean. C. A war breaks out in the Middle East, causing gasoline prices in the United States to rise. d. All of the above are correct. 2. In a free market, who determines how much of a good will be sold and the price at which it is sold? a. suppliers b. demaifders the government both suppliers and demanders 3. Suppose that there is an increase in input prices. We would expect a. supply to increase. b. supply to decrease. C. supply could increase or decrease. supply to remain unchanged