Figure 3-8

question 129

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.

Recognize legal and ethical responsibilities of businesses.

Learn about the role of corporate citizenship and its activities.

Understand consumer rights and business responsibility towards consumer protection.

Know the enforcement agencies and laws regarding workplace safety and consumer rights.

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Definitions:

Tenant-Days

A metric used in real estate and hospitality to represent the total number of days that tenants or guests occupy a space in a given period.

Flexible Budget

A budget that adjusts or flexes with changes in volume or activity, allowing for more accurate comparison of actual results to budgeted figures.

Budgeting Formulas

Mathematical expressions or equations used to project financial figures such as revenues, expenses, and net income for planning purposes.

Wages and Salaries

Compensation paid by employers to employees for their labor, including both hourly wages and annual salaries.