According to the Box, Spotlight on Small Business, When Florida's

question 95

Multiple Choice

According to the box, Spotlight on Small Business, when Florida's orange crop was significantly affected by a dry spell and gnat swarms:

• A) the price of orange rose as much as 16% throughout 2014.
• B) the price of orange fell as much as 16% throughout 2014.
• C) the trees supplied more fruit than previous years and there was an orange juice surplus.
• D) no changes in the sale of oranges and orange juice occured.

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Definitions:

Utilities Possibilities Frontier

A curve depicting all possible allocations of goods and services that maximize two or more parties' utility under a given condition.

Utilities Possibilities Frontier

A graph that shows the maximum satisfaction levels of two or more agents in an economy based on the allocation of resources.

Marginal Utility

The change in satisfaction or utility an individual gains from consuming an additional unit of a good or service.

Efficient

The quality of achieving maximum productivity with minimum wasted effort or expense.