Freezing Temperatures in California Have Sharply Reduced the Supply of Oranges

question 279

Multiple Choice

Freezing temperatures in California have sharply reduced the supply of oranges in the U.S. You predict that the price of oranges will ________, and the more elastic the demand for oranges, the ________ will be the effect on the price.

• A) fall; smaller
• B) fall; greater
• C) rise; smaller
• D) rise; greater

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Definitions:

Quantity

The amount or number of a material or item required or available, often used in inventory management and production planning.

Constraint

A limitation or restriction in a process or system that can impact performance or outcomes.

Constraints

Limitations or restrictions in a process, system, or project that hinder agility, performance, or the achievement of objectives.

Quantity X

An undefined variable representing a certain amount or level of production, product, or other measurable factors.