Figure 3-8

question 33

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 there is a shortage of apples, how will the equilibrium point change?

• 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:

Car Accident

An unexpected event involving motor vehicles, resulting in damage, injury, or fatalities, often requiring legal and insurance intervention.

Internal-Stable

Attribute of an explanation or attribution where an individual perceives the cause of an event as due to a stable, internal characteristic.

External-Unstable

A cause for an event that is outside one's personal control and is not consistent over time.

Scholarship

A form of financial aid awarded to students based on academic or other achievements to support their education.