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

question 59

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 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:

Periodic Payments

Regular payments made over a specified period, such as monthly rent or quarterly insurance premiums.

Bank Statement

A summary of financial transactions that occurred over a given period on a bank account held by a person or business with a financial institution.

Outstanding Checks

Checks that have been written and recorded in the accounting records but have not yet been cashed or cleared by the bank.

Depositor's Account

An account maintained by a financial institution on behalf of a depositor, where funds are safely kept for future withdrawals or transactions.