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

question 195

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

Accurately report the level of significance based on the value of a statistic and critical values.

Understand the concept and types of organizational-level incentive plans.

Identify circumstances where group incentives and competition are beneficial.

Recognize the advantages of profit sharing in increasing organizational productivity.

---

Definitions:

Entrepreneur

An individual who starts, operates, and assumes the risk of a business venture, aiming to transform innovations into economic goods.

Necessary Risks

Risks that are considered essential to take in pursuit of achieving objectives, innovation, or staying competitive in business.

Entrepreneurs

Individuals who create, organize, and operate businesses, taking on greater than normal financial risks in order to do so.

Business Ownership

The legal possession or control of a business, which may come in various forms like sole proprietorship, partnership, or corporation.