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Illustrate the equilibrium condition

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Reference no: EM132147016

Suppose the price of oranges rises. Ceteris paribus,

a. What effects would that have on the market for orange juice?

b. What would happen to the quantity demanded of oranges?

c. What would happen to the price and quantity of orange juice?

d. Draw a demand-supply graph to illustrate the equilibrium condition (price-quantity) in the market for orange juice before orange price went up and after orange price went up.

Reference no: EM132147016

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