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:

Millionaires

Individuals whose net worth or wealth is equal to or exceeds one million units of currency.

Income Inheritance

The transference of wealth or assets from one individual to another upon the death of the former, typically through a legal process or will.

Poverty Rate

The percentage of the population living below the national poverty line, indicating the extent of poverty in a country.

Absolute Number

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