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Figure 3-8 Price 0 w 8 0 S2 9 S D 2 1 Quantity

Figure 3-8 Price 0 w 8 0 S2 9 S D 2 1 Quantity

Economics Today and Tomorrow, Student Edition
Economics Today and Tomorrow, Student Edition
1st Edition
ISBN:9780078747663
Author:McGraw-Hill
Publisher:McGraw-Hill
Chapter3: Your Role As A Consumer
Section: Chapter Questions
Problem 1AA
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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 S1 (point C). Which of the following changes would cause the equilibrium to change to point B? Figure 3-8
 
 
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.
Figure 3-8 Price 0 w 8 0 S2 9 S D 2 1 Quantity
Transcribed Image Text:Figure 3-8 Price 0 w 8 0 S2 9 S D 2 1 Quantity
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