The recent hurricanes in Florida are bringing financial gain to California citrus growers. Due to extensive damage to the Florida citrus crop, California citrus products are commanding their highest prices ever.
Which of the following statements best explains the economics of this quotation? A) The supply of Florida oranges decreased, causing their price to increase, which then increased the demand for substitute California oranges.
B) The supply of Florida oranges decreased, causing the supply of California oranges to increase and the price of California oranges to rise.
C) The demand for Florida oranges decreased because of the hurricanes, causing a greater demand for California oranges and an increase in the price of California oranges.
D) The demand for Florida oranges decreased, causing their prices to rise, therefore increasing the demand for California oranges.
Question 2
The figure above shows the market for milk. When the efficient quantity of milk is produced, the marginal social benefit from the last gallon is
A) 2.00.
B) 2.50.
C) 3.00.
D) 3.50.
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