7. Movements along versus shifts of supply curves Consider the market supply of tortillas. Complete the following table by indicating whether an event will cause a movement along the supply curve for tortillas or a shift of the supply curve for tortillas, holding everything else constant. Event An increase in the price of tortillas A change in expectations about the future price of tortillas A change in technology that makes it less costly to produce tortillas Movement Along O O O Shift

This graph shows the quantity of t-shirts demanded at D and D1. The change in quantity demanded caused by a change in the price of t-shirts is shown as O a shift to the right of the demand curve. O a shift to the left of the demand curve. O movement along the demand curve.

9. Shifts in supply or demand II The following graph shows the market for hot dogs in Detroit, where there are over 1,000 hot dog stands at any given moment. Suppose the price of sausage casing, a major ingredient in hot dogs, suddenly increases. Show the effect of this change on the market for hot dogs by shifting one or both of the curves on the following graph, holding all else constant. Note: Select and drag one or both of the curves to the desired position. Curves will snap into position, so if you try to move a curve and it snaps back to its original position, just drag it a little farther. Supply Demand Supply Demand QUANTITY (Hot dogs) PRICE (Dollars per hot dog)

Suppose that the table shows the quantity supplied of UGG boots at five different prices in 2020 and in 2021 Refer to the table and note the change in the supply of UGG boots from 2020 to 2021 Which of the following could explain the change in supply observed in 2021? (Check all that apply) A. A decrease in the demand for UGG boots. B. A decrease in the number of sellers C. An increase in the price of a substitute in production. D. A decrease in the price of UGG boots Price $ 160 170 180 190 200 Quantity Supplied 2020 40,000 45,000 50,000 55,000 60,000 Quantity Supplied 2021 30,000 35,000 40,000 45,000 50,000