A period of bad weather hurt the orange groves in Florida, from where many of the oranges grown for juice come. Supplies of oranges dropped greatly because of the bad weather. What is the most likely effect on the price of orange juice?

Question

(1 point)
Responses

Prices will drop because people will buy less orange juice.
Prices will drop because people will buy less orange juice.

Prices will stay the same because oranges and orange juice are not the same good.
Prices will stay the same because oranges and orange juice are not the same good.

Prices will rise because the orange market and the orange juice market are closely connected.
Prices will rise because the orange market and the orange juice market are closely connected.

It is impossible to tell whether prices will change.

GPT 3.5 · Accepted Answer

Prices will rise because the orange market and the orange juice market are closely connected.

Daphne · Answer

Specialization most helps producers by growing what? (1 point) Responses consumer demand consumer demand labor productivity labor productivity prices of goods prices of goods levels of trade

GPT 3.5 · Answer

consumer demand

Daphne · Answer

What is achieved when supply meets demand? (1 point) Responses relative price relative price market price market price equilibrium price equilibrium price quantity price

GPT 3.5 · Answer

equilibrium price