Figure 3.8 -Refer to Figure 3.8.The Graph in This Figure Illustrates an Figure

question 10

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 D₂ and S₂ (point E) . Which of the following changes would cause the equilibrium to change to point A?

• A)A positive change in the technology used to produce apples and a decrease in the price of oranges, a substitute for apples
• B)An increase in the wages of apple workers and a decrease in the price of oranges, a substitute for apples
• C)An increase in the number of apple producers and a decrease in the number of apple trees as a result of disease
• D)A decrease in the wages of apple workers and an increase in the price of oranges, a substitute for apples

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Definitions:

Total Output

The total value of all goods and services produced in an economy during a specific period.

Workers

Individuals engaged in any form of employment, contributing labor for the production of goods and services.

ATC

Average Total Cost, a term in economics that refers to the total cost per unit of output, calculated by dividing the total cost by the quantity of output produced.

Surveillance System

An integrated system designed to monitor and collect data on activities or changes in an area or environment, often used for security purposes.