12:51 1 Take Quiz Exit Consider Figure 2 below which shows a change to both the supply and demand curve in a market SIMULTANEOUSLY (i.e. both shifts could have been drawn on the same graph, but drew them on separate graphs to make it easier to see). The original curves of each type are labeled with a 1 (D1 and S1) and the curves that result from the changes are labeled with a 2 (D2 and $2). Shift 1 Shift 2 P P S1 S2 D2 D1 D1 Q Q Figure 2 Refer to Figure 2 as you answer the following questions. D Question 7 1 pts12:52 1 . . Take Quiz Exit The change to Q is ambiguous and P will decrease D Question 8 1 pts Refer to Figure 2. What would cause both of these changes to occur in this market? O Consumer income increases for an inferior good; More firms enter the market Consumer income decreases for an inferior good; More firms enter the market Consumer income increases for an inferior good; Firms leave the market Consumer income decreases for an inferior good; Firms leave the market Figure 3 below describes a Productive Possibilities Frontier (PPF) for Ed as he does two activities in 20 hours. The two activities he does are writing poems and and reading books