xeco212 week 2 quiz - Event Marketaffectedby event Shiftin...

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Event  Market affected by  event Shift in  supply/demand/both Explain Frozen orange crops  in California Orange juice Supply (left)-Not as  many available  oranges to offer  consumers. Price will increase  and quantity will  decrease. Hurricanes in the  Gulf Coast Tourism in  Caribbean Coast Demand (right)-  People will switch to  touring the  Caribbean than the  Gulf Coast  Price will increase  because of increase  in demand Cost of cotton  decreases Clothing Supply(right)- cost of  production  decreases Price decreases,  quantity increases Technology improves  efficiency in pasta  manufacturing Restaurant-prepared  meals Demand (left)- Price  of pasta will decline  and thus people will  demand more of  pasta than other  restaurant-prepared  meals Price decreases, due  to decline in demand  List two types of related goods and provide an example of two goods that are  substitutes. 
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This note was uploaded on 10/21/2010 for the course ECO 212 AACL0RVXH3 taught by Professor Shivers during the Spring '10 term at University of Phoenix.

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xeco212 week 2 quiz - Event Marketaffectedby event Shiftin...

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