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

question 8

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 S₂ (point B) . Which of the following changes would cause the equilibrium to change to point C?

• 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 an increase 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:

Revenue Model

The framework for generating financial income from the business operations, detailing the sources of revenue and the process of how it is earned.

Costs of Goods Sold

The out-of-pocket costs associated with the production of a company's sold goods, encompassing labor and materials.

Operating Expenses

The costs associated with running the day-to-day operations of a business.

Freemium Program

A commercial strategy where fundamental services are offered at no cost, but premium functionalities require payment.