Explain how a glut in the orange market by Dr. Robert Murphy @Mises

Question 64 / 96: Explain how a glut in the orange market can be bad news for the producers of apples.

Answer:

A glut in the orange market will probably lead to lower orange

prices. Then, since oranges are substitutes for apples (at least for

many consumers), the lower orange prices will lead to a leftward

shift in the demand for apples. Apple producers will therefore

earn a lower price on apples.

Sample Partial Credit Answer

It will push down the price of apples.

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https://www.jobilize.com/capitalism-the-market-economy-by-dr-robert-murphy-mises

Capitalism: The Market Economy

Access: Public Peer Review

Dr.Robert MurphyAssociated Scholar

Mises Institute

USA

Attribution: Dr. Robert P. Murphy, Lessons for the Young Economist. (Mises Institute), http://mises.org/document/6215/Lessons-for-the-Young-Economist (Accessed 04 April, 2014). License: Creative Commons BY

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