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Economics

For each sentence below describing changes in the tangerine market, note whether the statement is true, false, or uncertain, and explain your answer. You will find it helpful to draw a graph for each case.

If consumer income increases and worker wages fall, quantity will rise, and prices will fall.

If orange prices decrease and taxes on citrus fruits decrease, quantity will fall, and prices will rise.

If the price of canning machinery (a complement) increases and the growing season is unusually cold, quantity and price will both fall.

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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M91229027

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