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 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 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.

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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 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 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.