Author Question: Freezing temperatures in California have sharply reduced the supply of oranges in the U.S. You ... (Read 55 times)

formula1 · **on:** Jun 29, 2018

Freezing temperatures in California have sharply reduced the supply of oranges in the U.S. You predict that the price of oranges will ________, and the more elastic the demand for oranges, the ________ will be the effect on the price.

A) fall; smaller
B) fall; greater
C) rise; smaller
D) rise; greater

Question 2

The intertemporal substitution effect refers to substitution of

A) goods for services.
B) goods and services for less expensive goods and services.
C) goods and services today for goods and services in the future.
D) goods and services produced domestically for goods and services produced in another country.