Thank you for visiting Which of the following statements best explains the economics of the following quotation The recent hurricanes in Florida are bringing financial gain to California citrus. This page is designed to guide you through key points and clear explanations related to the topic at hand. We aim to make your learning experience smooth, insightful, and informative. Dive in and discover the answers you're looking for!
Answer :
Answer:
The supply of Florida oranges decreased, causing their price to increase, which then increased the demand for substitute California oranges.
Explanation:
In economics, there is a correlation between demand and supply. The two entities pool against each other until the market finds an equilibrium price.
When the demand of a product is high and the supply is low. The prices will go up.
For Florida, due to the extensive damage on their citrus fruits. The state was low in the supply of the oranges hence the prices increased.
Despite the high prices the supply could not meet the demand and it was substituted by California oranges which were sold at high price.
Hence bringing financial gain to citrus growers in California.
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