Crowdly

This question is based on the following diagram.

The movement from Point A to Point B represents

a change in supply.

a shift in the supply curve.

an increase in the quantity supplied.

a decrease in the quantity supplied.

Supply refers to the quantities of a good or service that producers plan to sell at different prices.

True

False

An upward movement along a supply curve is also called an increase in supply.

True

False

An increase in the production of beef will lead to a decrease in the production of leather (made from cattle hides).

True

False

Which of the following would cause the demand curve to shift from Demand B to Demand C in the market for bubble gum?

a decrease in the price of bubble gum

an increase in the number of people visiting South Africa

a change in consumer preferences toward eating fruit rather than sweets

a decrease in the cost of dental procedures

Which of the following would cause the demand curve to shift from Demand A to Demand B in the market for oranges?

a technological advance that allows oranges to ripen faster

a decrease in the price of apples

a decrease in the price of oranges

an announcement by the Department of Health that oranges prevent Covid-19 infections

Which of the following would cause the demand curve to shift from Demand C to Demand A in the market for blistering blue bottles?

a decrease in the price of blistering blue bottles

an increase in the price of blistering blue bottles

a change in consumer preferences toward perfectly pink pitchers rather than blistering blue bottles

an expectation by buyers that their incomes will increase soon

If Gouda cheese and cheddar cheese are substitutes, then which of the following would increase the demand for cheddar cheese?

an increase in the price of cheddar cheese.

a decrease in the price of Gouda cheese

an increase in the price of Gouda cheese

a decrease in the price of cheddar cheese

If the price of a substitute to good X increases, then the

demand for good X will increase.

market price of good X will decrease.

quantity demanded for good X will increase.

demand for good X will decrease.