________When there is a shortage of citrus fruit, the economic forces of supply and demand would suggest that a. price will stay constant. b. price will decrease. c. price will increase. d. price, all things remaining equal, will increase. e. it will take a long time before the shortage is felt in the market.

________When there is a shortage of citrus fruit, the economic forces of supply and demand would suggest that a. price will stay constant. b. price will decrease. c. price will increase. d. price, all things remaining equal, will increase. e. it will take a long time before the shortage is felt in the market.

Managerial Economics: A Problem Solving Approach

5th Edition

ISBN:9781337106665

Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Chapter8: Understanding Markets And Industry Changes

Section: Chapter Questions

Problem 2MC

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