Figure 3-8 -Refer to Figure 3-8.The Graph in This Figure Illustrates an Figure

question 10

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 S₂ (point E) Which of the following changes would cause the equilibrium to change to point A?

• 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 a decrease 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:

Deposit

Money given in advance as security or part payment, indicating commitment to a purchase or agreement and may be refundable under specific conditions.

Specific Performance

A judicial remedy requiring a party to fulfill their obligations under a contract, typically used when monetary damages are inadequate.

Injunctions

Court orders requiring an individual or entity to do or refrain from doing specific acts.

Limitations

Restrictions or caps, often referring to the time within which legal action can be taken.