Use Figure 3 on page 487, Chapter 17/Textbook, to answer the following questions. (If you have an e- book, the pages may be numbered differentlylook in the section with practice questions, look for Figure 3.) 2 F. A movement from $2 to 51 shows a(n): A. lncrease in Supply B. Decrease in Supply C. Increase in Quantity Supplied D. Decrease in Quantity Supplied 2 G. A movement from Point N to Point M shows a(n): A. increase in Supply 8. Decrease in Supply C. Increase in Quantity Supplied D. Decrease in Quantity Supplied QUESTION 3. 3 A. Changes in weather patterns W the growing season and harvest of apples across the country, from Washington State to New York State to Maine. What happens in the market for apples? 1. Draw or sketch a market graph with the initial equilibrium labeled Fe and Qe. Remember to label the market. 3. Sketch or draw the change in demand or supply on the graph you made (1), and label the new equilibrium point with PeZ and QeZ. 44. Answer the question: Does P lor'i', does Q 'l'orl? 5. Scan or take a picture of your graph email it yourself (open on your computer and use the snip tool to cut and copy it to your answer sheet). Insert your graph here. 3 B . Apples and bananas are considered substitutes in consum tion. If the price of bananas decreases, what happens in the market for apples? 1. Draw or sketch 3 market graph with the initial equilibrium labeled Pe and Qe. Remember to label the market. 2. Explain the change. Is it a change in demand or supply? Which determinant? 3. Sketch or draw the change in demand or supply on the graph you made (1), and label the new equilibrium point with Fe). and QeZ. 4. Answer the question: Does P J'or'i', does Q Tomb? 5. Scan or take a picture of your graph email it yourself (open on your computer and use the snip tool to cut and copy it to your answer sheet). Insert your graph here. 28. The market demand for a good will decrease . (LO 17-1. 17~2) a) as income decreases ifthe good is an inferit b) if the market price of a substitute good incr. c) as income decreases if the good is a normal d) if the market price of a c omplementary goo decreases e) as the number of consumers in the market increases 29. A decrease in demand means that the quantity N demanded . (LO 1 7-2) a) does not fall at any price b) falls only at the equilibrium price c) falls at a few prices d) falls at most prices e) falls at all prices 30. An increase in the supply of running shoes willassuming demand is unchangedlead to . (LO 1 7-7) a) an increase in equilibrium price and an inc: equilibrium quantity b) a decrease in equilibrium price and a decre 0 17-5) equilibrium quantity a) an increase in supply c) an increase in equilibrium price and a deer equilibrium quantity (1) a decrease in equilibrium price and an incr equilibrium quantity b) a decrease in supply 0) a change in the quantity supplied 23. A move from M to N For questions 31 34, use choices a, b, c, d, e, and f (LO 17-8) 24' A move from SI to $2 a) may rise, fall, or remain the same 25. A move from N to 0 b) may rise or remain the same 0) may fall or remain the same 26. A move from O to P CD will rise . 6) will fall 27. If the pnce of cameras falls, there W111 be 0 will remain the same a(n) . (LO 17-2, 3, 5) . . . . . h d d for lm 31. If demand and supply both use, then equilibri a) decrease in t e eman . b) decrease in the quantity of cameras demanded pf 1ce C) decrease in the SUPP\" \"cameras 32. If demand and supply both fall, then equilibri' quantity (:1) increase in the demand for cameras e) increase in the quantity of cameras demanded 33. If demand rises and supply falls, then equilibr price 34. If demand falls and supply rises, then equilibi miantitv