l. Refer to Figure 1. A change from Point A to Point B represents a(n): Figure 1

Question

l. Refer to Figure 1. A change from Point A to Point B represents a(n): Figure 1 a. increase in demand. b. decrease in demand. c. decrease in quantity demanded. d. increase in quantity demanded. Quanlity 2. Refer to Figure 2. A change from Point A to Point D represents a(n): a. increase in supply. b. decrease in supply. c. increase in quantity supplied. d. decrease in quantity supplied. Figure 2 n so S Quonitity 3. Antonio's makes the greatest pizza and delivers it hot to all the dorms around campus. Last week Antonio's supplier of pepperoni informed him of a 25% increase in price. Which variable determining the position of the supply curve has changed and what effect does it have on supply? a. future expectations; supply decreases b. future expectations; supply increases c. input prices; supply decreases d. input prices; supply increases

Explanation / Answer

1. (c) A change from point A to point B represents decrease in quantity demanded. This is because it is a moevment along the same demand curve and thus represents changes in quantity deamnded.

2. (a) A change from point A to point D represents an increase in demand. This is because it is a shift in the supply curve and thus represents changes in supply.

3. (c) An increase in the price of pepperoni is an increase in input prices since pepperoni si used as an input in the production of pizza and thus will lead to a leftward shift (decrease) in supply.

Related Questions

Navigate

• Browse (All)
• Browse L
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.