Figure 3-8

question 331

Multiple Choice

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 S₁ (point A) . If there is an increase in the wages of apple workers and an increase in the price of oranges, a substitute for apples, the equilibrium could move to which point?

• A) none of the points shown
• B) B
• C) C
• D) E

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Definitions:

Board Of Directors

A group of elected or appointed members who jointly oversee the activities of a company or organization, making major decisions and setting strategic goals.

Employers

Individuals or entities that hire and pay people to perform specific jobs or services.

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The obligation of individuals, organizations, and businesses to act for the benefit of society at large, often beyond their own interests.

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