1) Please refer to the chart above. At which point on the demand curve would we
ID: 2494881 • Letter: 1
Question
1) Please refer to the chart above. At which point on the demand curve would we end up on when there is a price increase in pizza?
A) Point B
B) Point F
C) Point D
D) Point H
2) Please refer to the chart above. At which point on the demand curve would we end up on when there is decrease of consumers in the market for pizza?
A) Point H
B) Point A
C) Point G
D) Point C
3) Please refer to the chart above. At which point on the demand curve would we end up on when there consumers expect the price of pizza to increase next week?
A) Point A
B) Point H
C) Point G
D) Point E
4) Please refer to the chart above. At which point on the demand curve would we end up on when there is a nation-wide recession?
A) Point F
B) Point A
C) Point I
D) Point H
5) Please refer to the chart above. At which point on the demand curve would we end up on when there is a price increase in tacos?
A) Point B
B) Point F
C) Point G
D) Point H
6) Please refer to the chart above. At which point on the supply curve would we end up on when there is a price increase in pizza?
A) Point G
B) Point C
C) Point I
D) Point E
7) Please refer to the chart above. At which point on the supply curve would we end up on when the price of tomatoes decreases?
A) Point B
B) Point H
C) Point A
D) Point I
8) Please refer to the chart above. At which point on the supply curve would we end up on when there is a new invention in the market to bake faster?
A) Point I
B) Point A
C) Point D
D) Point E
9) Please refer to the chart above. At which point on the supply curve would we end up on when there are less suppliers in the pizza market?
A) Point F
B) Point G
C) Point C
D) Point H
10) Please refer to the chart above. At which point on the supply curve would we end up on when there is a tax increase in pizza?
A) Point G
B) Point I
C) Point H
D) Point F
I realize its multiple questions but they all relate to the same graph
Explanation / Answer
At point H, Price is less than equilibrium price, i.e. where S and D intersect. So answer is H as it tries to move towards equilibrium, price increases.
2) At G, price is greater than equilibrium price, so consumers get to come down.
3) At E, because in this case, supply curve has to shift backwards and it takes time. And when supply curve shifts back, price increases.
4) At H, demand curve has shifted back which indicates a recession. See that Demand curve D is intersecting S0 at a lower price level which means that there is less demand.
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