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 S2 (point B). Which of the following changes would cause the equilibrium to change to point C?
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
A
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Graphically, a firm's total revenue is represented by the:
a. triangle formed under the demand curve. b. rectangle formed under the demand curve at a given price and quantity combination. c. rectangle formed under the average-total-cost curve at a given ATC and quantity combination. d. triangle formed by a line segment between the demand and average-total-cost curves at any level of output. e. triangle formed by a line segment between the horizontal axis and the average-total-cost curves at any level of output.
An individual who voluntarily leaves one job and spends a period of time seeking another is considered: a. frictionally unemployed. b. cyclically unemployed
c. structurally unemployed. d. seasonally unemployed.