Figure 3-8 -Refer to Figure 3-8. the Graph in This Figure Illustrates

question 63

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 S1 (point

• A) A positive change in the technology used to produce apples and 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.
• C). Which of the following changes would cause the equilibrium to change to point B?
• 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:

Competitive

Characterized by rivalry among entities striving for the same goal, such as winning a game, achieving market dominance, or securing a resource.

Candidate

An individual who applies for a job or is nominated or runs for an elected position in an organization or government.

Senate

A legislative body in various countries, often part of a bicameral system alongside a lower house, responsible for making and passing laws.

House-Senate Conference Committee

A temporary panel composed of House and Senate members appointed to reconcile differences in legislation that has passed both chambers.