Which of the Following Events Would Cause the Price of Oranges

question 67

Multiple Choice

Which of the following events would cause the price of oranges to fall?

• A)There is a shortage of oranges.
• B)The FDA announces that bananas cause strokes,and oranges and bananas are substitutes.
• C)The price of land throughout Florida decreases,and Florida produces a significant proportion of the nation's oranges.
• D)All of the above are correct.

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Definitions:

Demand

The quantity of a good or service that consumers are willing and able to purchase at various prices during a given period.

Price

The amount of money that must be paid to acquire a good or service.

Coefficient Of Determination

A statistical measure, represented as R-squared, that shows the proportion of variance for a dependent variable that's predicted by an independent variable(s).

Correlation

A statistical measure that describes the extent to which two variables change together, but does not necessarily imply causation.