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orchards in that region. In the spring unusually warm weather causes trees to bloom early. After the bloom a late spring freeze can ruin the crop entirely! In response, farmers are using heaters in the orchard and switching to more tolerant crops like aspberries. When setting up a Market to model this change: There will be a decrease in supply of apples. This will lead to a shortage, prices will increase, quantity demanded will fall, and quantity supplied will rise. There will be a increase in demand for apples. This will lead to a shortage, prices will increase, quantity demanded will fall, and quantity supplied will rise. There will be a increase in supply of apples. This will lead to a surplus, prices will fall, quantity demanded will rise, and quantity supplied will fall. There will be no change in the market for apples since the heaters will solve the

orchards in that region. In the spring unusually warm weather causes trees to bloom early. After the bloom a late spring freeze can ruin the crop entirely! In response, farmers are using heaters in the orchard and switching to more tolerant crops like aspberries. When setting up a Market to model this change: There will be a decrease in supply of apples. This will lead to a shortage, prices will increase, quantity demanded will fall, and quantity supplied will rise. There will be a increase in demand for apples. This will lead to a shortage, prices will increase, quantity demanded will fall, and quantity supplied will rise. There will be a increase in supply of apples. This will lead to a surplus, prices will fall, quantity demanded will rise, and quantity supplied will fall. There will be no change in the market for apples since the heaters will solve the

Microeconomics: Private and Public Choice (MindTap Course List)
Microeconomics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506893
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter9: Price Takers And The Competitive Process
Section: Chapter Questions
Problem 11CQ
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Unusual weather patterns in the northeast have led to reduced harvest of apples at orchards in that region. In the spring unusually warm weather causes trees to bloom early. After the bloom a late spring freeze can ruin the crop entirely! In response, farmers are using heaters in the orchard and switching to more tolerant crops like raspberries. When setting up a Market to model this change: There will be a decrease in supply of apples. This will lead to a shortage, prices will increase, quantity demanded will fall, and quantity supplied will rise. There will be a increase in demand for apples. This will lead to a shortage, prices will increase, quantity demanded will fall, and quantity supplied will rise. There will be a increase in supply of apples. This will lead to a surplus, prices will fall, quantity demanded will rise, and quantity supplied will fall. There will be no change in the market for apples since the heaters will solve the problem.
Transcribed Image Text:Unusual weather patterns in the northeast have led to reduced harvest of apples at orchards in that region. In the spring unusually warm weather causes trees to bloom early. After the bloom a late spring freeze can ruin the crop entirely! In response, farmers are using heaters in the orchard and switching to more tolerant crops like raspberries. When setting up a Market to model this change: There will be a decrease in supply of apples. This will lead to a shortage, prices will increase, quantity demanded will fall, and quantity supplied will rise. There will be a increase in demand for apples. This will lead to a shortage, prices will increase, quantity demanded will fall, and quantity supplied will rise. There will be a increase in supply of apples. This will lead to a surplus, prices will fall, quantity demanded will rise, and quantity supplied will fall. There will be no change in the market for apples since the heaters will solve the problem.
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