demand and supply situation of oranges during harvesting season
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A decline in the supply curve increases the price of oranges and decreases the quantity of oranges in the market. These changes can occur simultaneously.
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Cold weather damages the orange crop, reducing the supply of oranges. This can be seen in Figure 4-6 as a shift to the left in the supply curve for oranges. The new equilibrium price is higher than the old equilibrium price.
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