Figure 3-8

question 96

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.

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Definitions:

Value Analyses

A method to improve the value of a product or service by examining its function, reducing cost, or both.

Low Performers

Employees who consistently fail to meet the established performance standards and expectations of their position.

High Performers

Individuals who consistently exceed the standard expectations and objectives set by their organization through their work performance.

Discrimination

Unfair or prejudicial treatment of individuals based on characteristics such as race, gender, age, or sexual orientation.