Irregular Weather Patterns Caused Very Poor Yields for Orange Farmers

question 149

Multiple Choice

Irregular weather patterns caused very poor yields for orange farmers.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:

Complementary Inputs

Inputs or resources that are used together in the production process, where an increase in the usage of one increases the effectiveness or productivity of the other.

MP Schedule

Marginal Product Schedule, a table or graph showing how the marginal product changes as the quantity of a variable input changes.

Cost-Minimizing Equilibrium

An economic situation where a firm operates at the lowest possible cost to produce its output.

Total Product

Total product is the overall quantity of output that a firm produces, usually within a specified period, based on variable inputs.