Papayas and grapefruit are substitue goods. A drought inCalifornia destroyed a g

Question

Papayas and grapefruit are substitue goods. A drought inCalifornia destroyed a good portion of the grapefruit crop. a) The price of both papayas and grapefruit will fall b) The price of grapefruit will increase and the price ofpapayas will fall c) The price of both papayas and grapefruit willincrease d) The price of grapefruit will fall and the price of papayaswill increase I know the price of grapefruit will increase, but not sure ifthe price of papayas will increase or decrease or stays same. Papayas and grapefruit are substitue goods. A drought inCalifornia destroyed a good portion of the grapefruit crop. a) The price of both papayas and grapefruit will fall b) The price of grapefruit will increase and the price ofpapayas will fall c) The price of both papayas and grapefruit willincrease d) The price of grapefruit will fall and the price of papayaswill increase I know the price of grapefruit will increase, but not sure ifthe price of papayas will increase or decrease or stays same. Papayas and grapefruit are substitue goods. A drought inCalifornia destroyed a good portion of the grapefruit crop. a) The price of both papayas and grapefruit will fall b) The price of grapefruit will increase and the price ofpapayas will fall c) The price of both papayas and grapefruit willincrease d) The price of grapefruit will fall and the price of papayaswill increase I know the price of grapefruit will increase, but not sure ifthe price of papayas will increase or decrease or stays same.

Explanation / Answer

Papayas and grapefruit are substitue goods. A drought inCalifornia destroyed a good portion of the grapefruit crop. a) The price of both papayas and grapefruit will fall b) The price of grapefruit will increase and the price ofpapayas will fall c) The price of both papayas andgrapefruit will increase d) The price of grapefruit will fall and the price of papayaswill increase Supply shock will raise the price of grapefruit, while theprice of papayas will increase since the demand for papayas willincrease because people cannot afford grapefruit Papayas and grapefruit are substitue goods. A drought inCalifornia destroyed a good portion of the grapefruit crop. a) The price of both papayas and grapefruit will fall b) The price of grapefruit will increase and the price ofpapayas will fall c) The price of both papayas andgrapefruit will increase d) The price of grapefruit will fall and the price of papayaswill increase Supply shock will raise the price of grapefruit, while theprice of papayas will increase since the demand for papayas willincrease because people cannot afford grapefruit

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