Refer to Figure 3-6. The graph in this figure

| October 14, 2019

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? (Points : 1) The equilibrium point will move from A to B. The equilibrium point will move from A to C. There will be no change in the equilibrium point. The equilibrium point will move from A to E. 15. If in the market for apples the supply has decreased then (Points : 1) the supply curve for apples has shifted to the right. there has been a movement upwards along the supply curve for apples. the supply curve for apples has shifted to the left. there has been a movement downwards along the supply curve for apples. 16. If the price of automobiles were to increase, then (Points : 1) the demand for gasoline would decrease. the demand for gasoline would increase. the supply of gasoline would increase. the quantity demanded of gasoline would decrease.

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