Figure 3-8 -Refer to Figure 3-8.The Graph in This Figure Illustrates an This

question 2

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.

Understand the elements of simple request messages and the significance of clarifying what you want the reader to know or do.

Comprehend the structure and content requirements for crafting effective claim or adjustment messages.

Recognize the importance of tone in writing business messages, including routine ones.

Differentiate between direct and indirect approaches in business communication and know when to use each.

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Definitions:

Substitution Effect

The economic principle indicating how consumers react to a change in price by substituting a more expensive item with a cheaper alternative.

Price

The total money demanded to secure a good or service.

Delphiniums

A genus of flowering plants known for their tall spikes of colorful flowers, often used in gardens and floral arrangements.

Second-Class Tickets

Tickets offering a level of service or comfort below first-class, usually at a lower price, common in transportation and entertainment venues.