Business, 26.02.2020 22:44 gagem1278

California supplies the United States with 80% of its eating oranges. In late 1998, four days of freezing temperatures in the state's Central Valley substantially damaged the orange crop. In early 1999, Food Lion, with 1,208 grocery stores mostly in the Southeast, said its prices for fresh oranges would rise by 20% to 30%, which was less than the 100% increase it had to pay for the oranges. Explain why the price to consumers did not rise by the full amount of Food Lion's price increase. The price to consumers rose by 20% to 30% instead of the full 100% because A. the elasticity of supply was perfectly elastic. B. the demand curve was vertical. C. as prices increased, consumers demanded less output. D. the elasticity of demand was perfectly inelastic. E. consumers were not sensitive to prices.

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California supplies the United States with 80% of its eating oranges. In late 1998, four days of fre...