Suppose Irregular Weather Patterns Caused Very Poor Yields for Orange

question 168

Multiple Choice

Suppose irregular weather patterns caused very poor yields for orange farmers this past year. Which factor of supply would this change in the market for orange juice?

• A) Technology
• B) Price of input
• C) Number of sellers
• D) Price of related good

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Definitions:

Production Costs

The expenses incurred in the manufacture of goods or services, including raw materials, labor, and overhead costs.

Benefit

An advantage or gain received from a product or service.

Nonrival-in-consumption

Nonrival-in-consumption describes a good or service that can be consumed by multiple people simultaneously without reducing its availability to others.

Radio Broadcast

The transmission of audio content through radio waves to reach a wide audience, commonly used for music, news, and entertainment programming.