A cold spell in Florida extensively reduced the orange crop, and, as a result, California oranges commanded a higher price. Which of the following statements best explains the situation?
Select an option, then click Submit answer.
-
○
The supply of Florida oranges fell, causing both the supply and price of California oranges to increase.
-
○
The supply of Florida oranges fell, causing the supply of California oranges to decrease and their price to increase.
-
○
The supply of Florida oranges fell, causing their price, and the demand for California oranges, to increase.
-
○
The demand for Florida oranges was reduced by the cold spell, causing an increase in the price of California oranges and a greater demand for them.
-
○
The demand for Florida oranges was reduced by the cold spell, causing a decrease in the price and demand for California oranges.