If South Carolina Experiences a Late Frost That Damages the State's

question 56

Multiple Choice

If South Carolina experiences a late frost that damages the state's peach crop, then:

• A) the demand curve for peaches will shift to the left.
• B) the supply curve for peaches will shift to the right.
• C) the demand curve for peaches will shift to the right.
• D) the price of nectarines, a substitute for peaches, will rise.

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Definitions:

Fixed Cost

A cost that remains constant, in total, regardless of changes in the level of activity within the relevant range. If a fixed cost is expressed on a per unit basis, it varies inversely with the level of activity.

Special Order

A one-time customer order, often at a negotiated price, that is outside the company's standard range of products or services.

Irrelevant

Pertains to information or factors that do not influence or impact a decision-making process.

Split-off Point

The stage in a production process where joint products are identifiable or separable into individual products.