Figure 3.8 -Refer to Figure 3.8. the Graph in This Figure Illustrates

question 103

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 the price of oranges, a substitute for apples, decreases and the wages of apple workers increase, how will the equilibrium point change?

• A)The equilibrium point will move from A to E.
• B)The equilibrium point will move from A to B.
• C)The equilibrium point will move from A to C.
• D)The equilibrium will first move from A to B, then return to A.

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