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5 hapter 4 Problems and Applications 1. Explain each of the following statements using supply-and-demand diagrams When a cold snap hits Florida, the price of orange juice rises in supermarkets throughout the country. When the weather turns warm in New England every summer, the price of hotel rooms in Caribbean resorts plummets. When a war breaks out in the Middle East, the price of gasoline rises and the price of a used Cadillac falls a. b. C.
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