After a significant hurricane damages Florida's orange crop, what is likely to happen in the orange market?

When a significant hurricane damages Florida's orange crop, the supply of oranges in the market is drastically reduced due to the destruction of a large portion of the crop. In economic terms, when the supply decreases while demand remains constant, a shortage occurs. This means that producers are unable to supply as many oranges as consumers want to purchase at the existing market price.

As a result, the decrease in supply leads to an increase in the market price of oranges, as buyers compete for the limited quantity available. Thus, the likelihood of a shortage in the orange market is high because consumers will still seek oranges for consumption, but there will not be enough available to meet that demand at the previous price levels. This adjustment in the market will ultimately reflect the diminished supply of oranges due to the hurricane's impact.