1. Use the figure below to answer the following question. The figure shows three

Question

1. Use the figure below to answer the following question.

The figure shows three supply curves for apples. If you observe the supply of apples shift from S1 to S3, which of the following could be responsible for this shift?

Multiple Choice

Apple producers are willing to sell more at every price.

The producers of apples now receive a subsidy.

The producers of apples now must pay a tax.

Apple production has increased.

2.

Use the figure below to answer the following question.

An increase in quantity supplied is depicted by a

Multiple Choice

shift from S1 to S2.

move from point x to point y.

shift from S2 to S1.

move from point y to point x.

part b. refer to above graph.

A decrease in supply is depicted by a

Multiple Choice

shift from S2 to S1.

movement from point y to point x.

movement from point x to point y.

shift from S1 to S2.  

Part c

A movement along the supply schedule from point x to point y depicts

Multiple Choice

an increase in quantity supplied.

a decrease in supply.

a decrease in quantity supplied.

an increase in supply.

3.

Use the figure below to answer the following question.

A decrease in supply would best be reflected by

Multiple Choice

a shift from supply curve C to supply curve B.

a movement from point 1 to point 2.

a movement from point 4 to point 3.

a shift from supply curve A to supply curve C.  

Part B refer to above graph

An increase in supply would best be reflected by a change from

Multiple Choice

point 1 to point 3.

point 3 to point 4.

point 1 to point 2.

point 2 to point 5.

4.

All else held constant, if the price of a resource used to produce product X falls, the

Multiple Choice

supply curve of X will shift to the right.

demand curve of X will shift to the right.

supply curve of X will shift to the left.

supply curve of X will not shift.

$5 4 0 0 2 4 6 8 10 12 14 16 18 20 Quantity Supplied (thousands of bushels per week)

Explanation / Answer

1. The figure shows three supply curves for apples. If you observe the supply of apples shift from S1 to S3, which of the following could be responsible for this shift?

Ans: Apple producers are willing to sell more at every price.

2. An increase in quantity supplied is depicted by a

Ans: move from point y to point x.

part b. refer to above graph.

A decrease in supply is depicted by a

Ans: movement from point x to point y.

Part c

A movement along the supply schedule from point x to point y depicts

Ans: a decrease in quantity supplied.

3. A decrease in supply would best be reflected by

Ans: a shift from supply curve A to supply curve C.  

Part B refer to above graph

An increase in supply would best be reflected by a change from

Ans: point 1 to point 2.

4.All else held constant, if the price of a resource used to produce product X falls, the

Ans: supply curve of X will not shift.

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