Which of the Following Shifts the Demand Curve for Oranges

question 98

Multiple Choice

Which of the following shifts the demand curve for oranges?

• A) disastrous weather that destroys about half of this year's orange crop
• B) a decrease in the price of a pound of bananas, a substitute in consumption for oranges
• C) an increase in the price of the fuel used to transport oranges to supermarkets
• D) great weather that produces a bumper orange crop this year

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Definitions:

Competitive Price-Taker

A rephrased scenario where businesses in competitive markets accept the prevailing market price as given because they have no power to influence it.

Profit

The financial gain realized when the revenue earned from a business activity exceeds the expenses, costs, and taxes needed to sustain the activity.

Marginal Revenue

The additional revenue that a firm receives from selling one more unit of a good or service.

Marginal Cost

The extra expense resulting from the manufacture of an additional unit of a product or service.