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Use supply and demand diagrams to illustrate the following events: a. Freezing weather destroys the orange crop and the price of oranges rises. b. The
Use supply and demand diagrams to illustrate the following events:
a. Freezing weather destroys the orange crop and the price of oranges rises. b. The mass media report on the fat content of cheese and the price of cheese falls. c. A new technology of production for computers is developed and the price of computers falls. d. Milk, an input for ice cream production, becomes more expensive and the price of ice cream increases. e. The mass media report on the health benefits of olive oil and the price of olive oil increases.
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