Figure 316 Alt Text for Figure 3

Multiple Choice

Figure 3.16 Alt text for Figure 3.16: In figure 3.16, a graph plotting intersecting demand and supply curves represents the change in equilibrium point in the motorcycle market with the increase in price of engines and wages of motorcycle manufacturers.
Long description for Figure 3.16: The x-axis is labelled, Quantity and the y-axis is labelled, Price.Curve D1 is a straight line which slopes down from the top left corner to the bottom right corner.Curve D2 is parallel with curve D1, but is plotted to the left.Curve S1 is a straight line which slopes up from the bottom right corner to the top left corner.Curve S2 is parallel to curve S1, but is plotted to the left.The 4 curves intersect at 4 points; A, B, on the right side of the lines, and C and D, on the left sides of the lines
-Refer to Figure 3.16.The graph in this figure illustrates an initial competitive equilibrium in the market for motorcycles at the intersection of D₁ and S₁ (point

A) The equilibrium point will move from A to B.
B) The equilibrium point will move from A to C.
C) There will be no change in the equilibrium point.
D) The equilibrium point will move from A to E.