Figure 3-8 
-Refer to Figure 3-8. The graph in this figure illustrates an initial competitive equilibrium in the market for apples at the intersection of D1 and S2 (point B) . Which of the following changes would cause the equilibrium to change to point C?
Definitions:
Absorption Costing
This accounting strategy entails calculating a product's cost by including all costs related to its manufacturing, comprising direct materials, direct labor, and all categories of manufacturing overhead, both variable and fixed.
Variable Costing
A costing method that includes only variable production costs (direct materials, direct labor, and variable overhead) in product costs, excluding fixed overhead.
Net Operating Income
Profit generated from a company’s core business operations, excluding deductions of interest and taxes.
Absorption Costing
This accounting practice involves the comprehensive addition of manufacturing costs—direct materials, direct labor, and both variable and fixed overheads—to the price of a product.
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