Figure 3-8

-Refer to Figure 3-8. The graph in this figure illustrates an initial competitive equilibrium in the market for motorcycles at the intersection of D₁ and S₁ (point A) If the price of motorcycle engines increases, and the wages of motorcycle workers increase, how will the equilibrium point change?

Question

Figure 3-8
 
-Refer to Figure 3-8. The graph in this figure illustrates an initial competitive equilibrium in the market for motorcycles at the intersection of D₁ and S₁ (point A) If the price of motorcycle engines increases, and the wages of motorcycle workers increase, how will the equilibrium point change?

Quizplus · Accepted Answer

The Answer of Figure 3-8
 
-Refer to Figure 3-8. The graph in this figure illustrates an initial competitive equilibrium in the market for motorcycles at the intersection of D₁ and S₁ (point A) If the price of motorcycle engines increases, and the wages of motorcycle workers increase, how will the equilibrium point change?

Figure 3-8 -Refer to Figure 3-8. the Graph in This Figure Illustrates