A freeze in Florida’s orange growing regions will: A) result in a sha
A freeze in Florida’s orange growing regions will:
A) result in a sharp increase in the price of oranges in the short run because demand and supply are highly inelastic.
B) result in a sharp increase in the price of oranges in the short run because demand and supply are highly elastic.
C) result in a sharp decrease in the price of oranges in the short run because demand is highly inelastic and supply is highly elastic.
D) result in little change in the price of oranges in the short run because supply is infinitely elastic.
ANSWER
A
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