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
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 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.
E) . Which of the following changes would cause the equilibrium to change to point A?
Correct Answer:
Verified
Correct Answer:
Verified
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