Question

demand and supply situation of oranges during harvesting season​

Answer 1

Answer:

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.

Answer 2

Answer:

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.