-Refer to Figure 3-6. The graph in this figure illustrates an initial competitive equilibrium in the market for apples at the intersection of D₁ and S₁ (point A). If there is a shortage of apples how will the equilibrium point change? A) the equilibrium point will move from A to E B) the equilibrium point will move from A to B C) the equilibrium point will move from A to C D) there will be no change in the equilibrium point

Question

Quizplus · Accepted Answer

The Answer of -Refer to Figure 3-6. The graph in this figure illustrates an initial competitive equilibrium in the market for apples at the intersection of D₁ and S₁ (point A). If there is a shortage of apples how will the equilibrium point change? A) the equilibrium point will move from A to E B) the equilibrium point will move from A to B C) the equilibrium point will move from A to C D) there will be no change in the equilibrium point