Question : 11) Refer to Figure 3.15. A decrease in supply represented : 1381049

11) Refer to Figure 3.15. A decrease in supply is represented by the movement from

A) S2 to S3.

B) S2 to S1.

C) Point B to Point A along supply curve S2.

D) Point B to Point C along supply curve S2.

12) Refer to Figure 3.15. An increase in quantity supplied is represented by a movement from

A) S2 to S1.

B) S2 to S3.

C) Point B to Point A along supply curve S2.

D) Point B to Point C along supply curve S2.

13) Refer to Figure 3.15. A decrease in the price of mushrooms (an input for gardenburgers) will cause a movement from Point B on supply curve S2 to

A) supply curve S3.

B) supply curve S1.

C) Point A on supply curve S2.

D) Point C on supply curve S2.

14) Refer to Figure 3.15. A movement from Point C to Point B on supply curve S2 would be caused by a(n)

A) decrease in the price of gardenburgers.

B) increase in the demand for gardenburgers.

C) decrease in the price of mushrooms.

D) decrease in the price of hamburgers, assuming hamburgers are a substitute for pizza.

15) The change in the price of a good leads to a change in ________, which leads to a ________.

A) quantity supplied; movement along a supply curve

B) quantity supplied; shift of the supply curve

C) supply; movement along a supply curve

D) supply; shift of the supply curve

Refer to the information provided in Figure 3.16 below to answer the questions that follow.

Figure 3.16

16) Refer to Figure 3.16. The supply curve for hula hoops shifts from S0 to S1. This could be caused by

A) an decrease in the price of hula hoops.

B) a decrease in the number of firms selling hula hoops.

C) a decrease in the demand for hula hoops.

D) either B or C.

Refer to the information provided in Figure 3.11 below to answer the questions that follow.

Figure 3.11

17) Refer to Figure 3.11. Assume hamburgers are a normal good. An increase in income will cause a movement from

A) Point A to Point B.

B) Point G to Point F.

C) D1 to D2.

D) S1 to S2.

18) Refer to Figure 3.11. Assume hamburgers and hot dogs are substitutes. A decrease in the price of hot dogs will cause a movement from

A) Point A to Point B.

B) Point F to Point G.

C) D2 to D1.

D) D1 to D2.

19) Refer to Figure 3.11. Assume hamburgers and french fries are complements. A decrease in the price of french fries will cause a movement from

A) Point A to Point B.

B) Point G to Point F.

C) D1 to D2.

D) S2 to S1 .

20) Refer to Figure 3.11. An increase in the number of cattle ranchers will cause a movement from

A) Point B to Point A.

B) Point G to Point F.

C) D2 to D1.

D) S2 to S1.

21) A shift of the supply curve is caused by a change in a good’s own price.

22) A technological advance in the production of MP3 players will cause the equilibrium selling price to increase.

23) An increase in the wage rate of steel workers will reduce the supply of steel.

24) Quantity supplied is determined by how much producers are willing and able to produce.