The Demand for Orange Juice Is Price Elastic

question 56

Multiple Choice

The demand for orange juice is price elastic.A severe frost,which destroys large quantities of oranges,

• A)lowers the equilibrium price but increases total consumer spending on juice.
• B)decreases the equilibrium quantity and decreases total consumer spending on juice.
• C)decreases both the equilibrium quantity and the price of juice.
• D)raises the equilibrium price and increases total consumer spending on juice.
• E)raises the equilibrium price but leaves total consumer spending on juice unchanged.

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