Figure 3-8 
-Refer to Figure 3-8.The graph in this figure illustrates an initial competitive equilibrium in the market for motorcycles at the intersection of D1 and S1 (point A) .If there is an increase in the wages of motorcycle workers and an increase in the price of motorcycle insurance,a complement to motorcycles,the equilibrium could move to which point?
Definitions:
MC
Marginal Cost, the increase in cost that arises from producing one additional unit of a good or service.
Fixed Costs
Costs that do not vary with the level of production or sales, such as rent, salaries, and insurance.
AVC
Stands for Average Variable Cost, which is the total variable costs divided by the quantity of output produced.
Total Revenue
The sum of income a company receives from its business activities, usually from the sale of goods and services to customers.
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