Author Question: Extremely cold winter weather has destroyed oranges in Florida. The freeze has caused A) scarcity ... (Read 125 times)

sjones · **on:** Jun 29, 2018

Extremely cold winter weather has destroyed oranges in Florida. The freeze has caused

A) scarcity because there are less oranges now than people want.
B) scarcity because people have to switch to other types of citrus fruits.
C) a shortage because people cannot obtain as many oranges as they wish to buy at the pre-freeze price.
D) a shortage because the orange growers will have less income.

Question 2

Which of the following statements about markets is correct? I. A market helps resources move to their highest-valued uses by means of prices changes. II. A market represents the exchanges of both buyers and sellers.

A) I only
B) II only
C) Both I and II
D) Neither I nor II