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Suppose in the current year that there is a nation-wide boom harvest for orange growers and a substantial increase in the price of apples. Which
Suppose in the current year that there is a nation-wide boom harvest for orange growers and a substantial increase in the price of apples. 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 will increase, and price may decrease. e. Equilibrium price will decrease, and output may increase
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