Econ- 4.2 Formative Assessment Option 2

Below is a Supply Schedule and Supply Curve for Pizza. Use both to help you find the answer the following questions.

Assume the current price of Pizza is $9. Now, a change in the market for Pizza occurs, causing the price of Pizza to increase in price by $3. 

1. What would be the NEW PRICE? ​ (a)  

1. What would be the QUANTITY SUPPLIED at the NEW PRICE? ​ (b)   million pieces of pizza

• $12
• $15
• $9
• $6
• $3
• 24
• 28
• 20
• 26
• 12

Below is a Supply Schedule and Supply Curve for Pizza. Use both to help you find the answer the following questions.

Assume the current price of Pizza is $9. Now, a change in the market for Pizza occurs, causing the price of Pizza to increase in price by $6. 

1. What would be the NEW PRICE? ​ (a)   ​ ​

1. What would be the QUANTITY SUPPLIED at the NEW PRICE? ​ (b)   millions of pizza

• $15
• $12
• $9
• $6
• $3
• 28
• 24
• 20
• 16
• 12

Click on the correct graph in the image given that shows a DECREASE in SUPPLY.

Click on the graph in the image provided that shows a decrease in quantity supplied.

Click on the graph in the image provided that shows an INCREASE in SUPPLY.

Identify the following for the scenario given below:

• - Is SUPPLY changing OR QUANTITY SUPPLIED changing;

• - Would your previous response INCREASE or DECREASE based on the scenario given.

• Market: Leather Shoes; Scenario: There is a severe shortage of leather, causing the price of leather to increase.

• Supply; Decrease

• Supply; Increase

• Quantity Supplied; Decrease

• Quantity Supplied; Increase

• For the scenario below, identify what is changing: Supply or Quantity Supplied AND how it is changing- Increasing or Decreasing.

1. Market: Eggs;

2. Scenario: Everything else remaining constant, research shows eggs are very healthy, causing an egg-eating craze that leads to an increase in the market price of eggs.

• Supply; Increase

• Supply; Decrease

• Quantity Supplied; Increase

• Quantity Supplied; Decrease

• For the scenario below, identify what is changing: Supply or Quantity Supplied AND how it is changing- Increasing or Decreasing.

• Market: SUVs;

• Scenario: Everything else remaining constant, government regulations on the production of all vehicles, including SUVs, are increased.

• Supply; Increase

• Supply; Decrease

• Quantity Supplied; Increase

• Quantity Supplied; Decrease

Directions: For the scenarios below SUPPLY will be shifting, provide the following:

a: The Shifter that is causing the supply curve to shift; 

b: What happens to Supply (INCREASE or DECREASE) & 

c: Identify the Graph Provided that shows the proper change in Supply

Market: Solar Panels; Scenario: Everything else remaining constant, the price of silicon cells, an important component used in the production of solar panels, has decreased significantly.

Directions: For the scenarios below SUPPLY will be shifting, provide the following:

a: The Shifter that is causing the supply curve to shift; 

b: What happens to Supply (INCREASE or DECREASE) & 

c: Identify the Graph Provided that shows the proper change in Supply

Market: Butter; Scenario: Everything else remaining constant, butter producers believe the price of butter will increase in the near future.