Final answer:
A decrease in the price of orange juice is the event that would lead orange juice drinkers to consume more at a lower price, due to the substitution and income effects.
Step-by-step explanation:
Orange juice drinkers who want to consume more orange juice at a lower price would be best served by a scenario in which there is a decrease in the price of orange juice. This situation would lead to both a substitution effect and an income effect. The substitution effect implies that as orange juice becomes cheaper compared to other goods, consumers are likely to buy more orange juice. Additionally, the income effect suggests that when the price of orange juice falls, consumers' buying power increases, allowing them to purchase more with the same amount of income.
Therefore, an increase in the availability of orange juice, which could potentially lower the price, would also have the desired effect of increasing consumption.When the price of orange juice decreases, consumers would be able to consume more orange juice at a lower price. This is because a decrease in price has both a substitution effect and an income effect. The substitution effect means that consumers would be more likely to buy more orange juice and less of other products. The income effect means that consumers would have more buying power, allowing them to purchase more orange juice.