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Explain each of the following statements using supply-and-demand diagrams. a) When a cold snap hits Florida, the price of orange juice rises in supermarkets throughout
Explain each of the following statements using supply-and-demand diagrams.
a) "When a cold snap hits Florida, the price of orange juice rises in supermarkets throughout the country."
b) "When the weather turns warm in New England every summer, the price of hotel rooms in Caribbean resorts plummets.
c) "A strike by steelworkers raises steel prices.
d) "The price of station wagons rises.
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