Figure 5 Panel a Panel b Pe Panel c Panel d Pe Pe 53 Refer t

Figure 5 Panel (a) Panel (b) Pe Panel (c) Panel (d) Pe Pe 53. Refer to Figure 5. Panel (c) shows which of the following? an increase in demand and an increase in quantity supplied a. b. an increase in demand and an increase in supply c. an increase in quantity demanded and an increase in quantity supplied d. an increase in quantity demanded and an increase in supply 54. Refer to Figure 5. Which of the four panels illustrates an increase in quantity demanded? a. Panel (a) b. Panel (b) c. Panel (c) d. Panel (d) 55. Refer to Figure 5. Which of the four panels illustrates a decrease in quantity supplied? a. Panel (a) b. Panel (b) c. Panel (c) d. Panel (d) 56. Refer to Figure 5. Which of the four panels represents the market for pizza delivery in a college town as we go from summer to the beginning of the fall semester? a. Panel (a) b. Panel (b) c. Panel (c) d. Panel (d) 57. Refer to Figure 5. Which of the four panels represents the market for winter coats as we progress from winter to spring? a. Panel (a) b. Panel (b) c. Panel (c) d. Panel (d)

Solution

Note the terms and it\'s meaning -

• Increase in demand - Demand has increased and demand curve will shift rightward.

• Decrease in demand - Demand curve will shift leftward.

• Increase in quantity demanded - It means with decline in price, quantity demanded increases and there is a downward movement along the demand curve.

• Decrease in quantity demanded - Upward Movement along the demand curve, where quantity demanded decreases with increase in price.

• Increase in supply - Supply curve shifts to the right.

• Decrease in supply - Supply curve shifts to the left.

• increase in quantity supplied - upward movement along the supply curve that shows with increase in price, quantity supplied increases.

• Decrease in quantity supplied - Downward movement along the supply curve that shows with decrease in price, quantity supplied decreases.

53. Panel C shows an increase in supply, which causes a shift of supply curve rightward. As a result, price falls and quantity demanded increases from Qe to Qe\'

Answer- option D

54. An increase quantity demanded that is a downward movement along the demand curve is shown in panel C.

Answer-option C

55. A decrease in quantity supplied that is a downward movement along the supply curve is shown in panel b, where quantity supplied decreases from Qe to Qe\'

Answer- option B

56. As we go from summer to the beginning of fall semester, demand for pizza increase and demand curve shifts rightward from D to D\'.

Answer-option A

57. As we progress from winter to spring, demand for winter coats decreases and demand curve shifts to the left.

Answer- option B