Final answer:
The equilibrium price and quantity of oranges are determined by the intersection of the demand and supply curves. Changes in factors affecting demand or supply will affect the equilibrium price and quantity.
Step-by-step explanation:
In economics, the equilibrium price and quantity of a good are determined by the intersection of the demand and supply curves.
When there is a change in the factors that affect the demand or supply of oranges, such as changes in consumer preferences or changes in the cost of production, the equilibrium price and quantity will be affected.
If the demand for oranges increases, the equilibrium price and quantity of oranges will both increase. Similarly, if the supply of oranges decreases, the equilibrium price will increase and the equilibrium quantity will decrease.