8. When a spell of bad weather results in a very large decrease in the orange...

 

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8. When a spell of bad weather results in a very large decrease in the orange crop, newspapers are likely to report "a shortage of oranges." An economist would say that a. the shortage will last until the next growing season when fewer oranges can be produced. b. the shortage is temporary and will be eliminated when the price of oranges rises. c. the exjsting price of oranges must be above the equilibrium level. d. the weather spell would lead to a surplus of oranges, not a shortage. 9. The equilibrium price of snickerdoodles will (increase, decrease, be indeterminate) and the equilibrium quantity of snickerdoodles would (increase, decrease, be indeterminate) if the price of sugar increases and the price of chocolate chip cookies (which are a substitute for snickerdoodles) decreased. 10. If the demand curve for Dairy Queen Blizzards (which are made of ice cream and other ingredients like cookies or chocolate pieces) shifts to the left, this could be due to an increase in the price of a Dairy Queen Blizzard. b. an increase in consumer income. a decrease in the price of other kinds of ice cream desserts. d. an increase in the price of frozen yogurt which is a substitute for Dairy Queen Blizzards. a. с. 8. When a spell of bad weather results in a very large decrease in the orange crop, newspapers are likely to report "a shortage of oranges." An economist would say that a. the shortage will last until the next growing season when fewer oranges can be produced. b. the shortage is temporary and will be eliminated when the price of oranges rises. c. the exjsting price of oranges must be above the equilibrium level. d. the weather spell would lead to a surplus of oranges, not a shortage. 9. The equilibrium price of snickerdoodles will (increase, decrease, be indeterminate) and the equilibrium quantity of snickerdoodles would (increase, decrease, be indeterminate) if the price of sugar increases and the price of chocolate chip cookies (which are a substitute for snickerdoodles) decreased. 10. If the demand curve for Dairy Queen Blizzards (which are made of ice cream and other ingredients like cookies or chocolate pieces) shifts to the left, this could be due to an increase in the price of a Dairy Queen Blizzard. b. an increase in consumer income. a decrease in the price of other kinds of ice cream desserts. d. an increase in the price of frozen yogurt which is a substitute for Dairy Queen Blizzards. a. с.

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8 The shortage is temporary and it will be eliminated ... View the full answer