Question 1\

0.5pts

\ Figure 3-8\

P_(t)

\ Refer to Figure 3-8. The graph in this figure illustrates an initial competitive equilibrium in the market for motorcycles at the intersection of

D_(1)

and

S_(1)

(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 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