Figure 3-8 
-Refer to Figure 3-8. The graph in this figure illustrates an initial competitive equilibrium in the market for motorcycles at the intersection of D1 and S2 (point B) . Assume that Motorcycles are a normal good. If there is an increase in number of companies producing motorcycles and a decrease in income (assume motorcycles are a normal good) , the equilibrium could move to which point?
Definitions:
Direct Labor-Hours
A measure of the amount of time workers spend on a specific task or production process, directly associated with the manufacturing of a product.
Direct Labor Rate
The cost per hour for labor directly involved in the production of goods, not including the cost of materials.
Direct Labor Wage Rate
The rate of pay for employees who are directly involved in manufacturing or producing goods.
Raw Materials
Basic materials that are used in the production process to create goods or products, often transformed or converted into finished goods.
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