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Will the the equilibrium price of orange juice increase or decrease in each of the following situations?
a. A medical study reporting that orange juice reduces cancer is released at the same time that a freak storm destroys half of the orange crop in Florida.
b. The prices of all beverages except orange juice fall in half while unexpectedly perfect weather in Florida results in an orange crop that is 20 percent larger than normal.
2. Consider the market for coffee beans. Suppose that the prices of all other caffeinated beverages go up 30 percent while at the same time a new fertilizer boosts production at coffee plantations dramatically. Can you tell what will happen to the equilibrium price? What about the equilibrium quantity?
a. Both the equilibrium price and the quantity will rise.
b. The equilibrium price will rise but the equilibrium quantity will fall.
c. The equilibrium price may rise or fall but the equilibrium quantity will rise for certain.
d. Neither the price change nor the quantity change can be determined for certain.
e. None of the above.
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