Suppose that a frost in Florida reduces the size of the orange crop, which causes the supply
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Suppose that a frost in Florida reduces the size of the orange crop, which causes the supply curve for oranges to shift to the left. Briefly explain whether consumer surplus will increase or decrease and whether producer surplus will increase or decrease. Use a demand and supply graph to illustrate your answers.
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Because the frost will cause the equilibrium price to increase and the equilibri...View the full answer
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