Which of the Following Shifts the Supply Curve for Oranges

question 384

Multiple Choice

Which of the following shifts the supply curve for oranges?

• A) a newly discovered increase in the nutritional value of oranges
• B) an increase in the price of bananas, a substitute in consumption for oranges
• C) disastrous weather that destroys about half of this year's orange crop
• D) an increase in income for all orange consumers

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Definitions:

License

A grant of permission to do a particular thing, to exercise a certain privilege, to carry on a particular business, or to pursue a certain occupation; an agreement that gives no property right or interest in land but merely allows the licensee to do certain acts that would otherwise be a trespass; a privilege granted by a state or city.

Possessory Estate

An interest in real property that grants the holder the right to possess or occupy the land for a certain period.

Personal Privilege

A special right, advantage, or immunity granted or available only to a particular person or group.

Community Property State

A Community Property State is one where all property acquired during marriage is considered equally owned by both spouses, except for property received by one spouse through gift or inheritance.