In 2004, Hurricanes Destroyed a Large Portion of Florida's Orange

question 372

Multiple Choice

In 2004, hurricanes destroyed a large portion of Florida's orange and grapefruit crops. In the market for citrus fruit,

• A) the supply curve shifted to the right resulting in an increase in the equilibrium price.
• B) the supply curve shifted to the left resulting in an increase in the equilibrium price.
• C) the demand curve shifted to the right resulting in an increase in the equilibrium price.
• D) the demand curve shifted to the left resulting in a decrease in the equilibrium price.

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Definitions:

Brand Relevance

Describes the degree to which a brand or product meets the needs and desires of its targeted consumers, influencing their purchase decisions.

Signalling Value

The information that a product, service, or action conveys to others, often used in marketing to indicate quality, status, or other desirable attributes.

Linking Value

The process or benefit of connecting brands or products with consumers’ personal values, identities, or lifestyles, enhancing brand loyalty and engagement.

Use Value

The usefulness of a good or service as determined by its ability to satisfy needs or wants, as opposed to its exchange value or price in the market.