Decide if the factors in the table will cause which of the following movements to happen in the market of milk: A = A shift of the demand curve B = A shift of the supply curve C = A movement along the demand curve D = A movement along the supply curve E = Shift to the left F = Shift to the right G = Move upward H = Move downward Factor A or B or C or D? E or F or G or H? i) An increase in the prices of raw materials used to produce milk ii) A fall in the current price of milk iii) Milk producers receive subsidies from the government
Decide if the factors in the table will cause which of the following movements to happen in the market of milk: A = A shift of the demand curve B = A shift of the supply curve C = A movement along the demand curve D = A movement along the supply curve E = Shift to the left F = Shift to the right G = Move upward H = Move downward Factor A or B or C or D? E or F or G or H? i) An increase in the prices of raw materials used to produce milk ii) A fall in the current price of milk iii) Milk producers receive subsidies from the government
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Decide if the factors in the table will cause which of the following movements to happen in the market of milk:
A = A shift of the demand curve
B = A shift of the supply curve
C = A movement along the demand curve
D = A movement along the supply curve
E = Shift to the left
F = Shift to the right
G = Move upward
H = Move downward
Factor
A or B or C or D?
E or F or G or H?
i)
An increase in the prices of raw materials used to produce milk
ii)
A fall in the current price of milk
iii)
Milk producers receive subsidies from the government
iv)
A rise in consumer income due to economic growth (assume that milk is a normal good)
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