Figure 314 Alt Text for Figure 3

question 9

Multiple Choice

Figure 3.14 Alt text for Figure 3.14: In figure 3.14, a graph plotting intersecting demand and supply curves represents the change in equilibrium point in the apple market with the decrease in the price of a substitute fruit, orange and the increase in the wages of apple workers.
Long description for Figure 3.14: The x-axis is labelled, Quantity and the y-axis is labelled, Price.Curve D1 is a straight line which slopes down from the top left corner to the bottom right corner.Curve D2 is parallel with curve D1, but is plotted to the left.Curve S1 is a straight line which slopes up from the bottom right corner to the top left corner.Curve S2 is parallel to curve S1, but is plotted to the left.The 4 curves intersect at 4 points; A, B, on the right side of the lines, and C and D, on the left sides of the lines.
-Refer to Figure 3.14.The graph in this figure illustrates an initial competitive equilibrium in the market for apples at the intersection of D₁ and S₁ (point

• A)The equilibrium point will move from A to B.
• B)The equilibrium point will move from A to C.
• C)There will be no change in the equilibrium point.
• D)The equilibrium point will move from A to E.

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Definitions:

Permissible

Allowed or permitted within a set of rules, laws, or regulations.

Exculpatory Clause

A contract provision that relieves one party of liability if damages are caused during the execution of the contract.

Liability

A legal responsibility or obligation that may arise from any number of legal claims or is imposed by law.

Unconscionability

A contract or term within a contract that is so unjust or overwhelmingly one-sided in favor of the party who has the superior bargaining power.