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Use the following to answer questions
Figure: Interpreting Supply Shifts 3 Use the following to answer questions  Figure: Interpreting Supply Shifts 3   -(Figure: Interpreting Supply Shifts 3) When the supply shifts from S<sub>0 </sub>to S<sub>1</sub> (a leftward shift of the supply curve) ,the equilibrium quantity changes from: A)  $60 to $40. B)  $40 to $60. C)  20 to 15. D)  15 to 20.
-(Figure: Interpreting Supply Shifts 3) When the supply shifts from S0 to S1 (a leftward shift of the supply curve) ,the equilibrium quantity changes from:


Definitions:

Intensive Margin

The degree to which factors of production, such as labor, are utilized more intensely to increase output in the short term.

Consumption Changes

Variations in the amount and types of goods and services used by households over time.

Barley Crop

A cereal grain that is used worldwide as fodder for animals, as a source of fermentable material for beer and certain distilled beverages, and as a component of various health foods.

Aggregate Demand

The total demand for all goods and services within an economy at a given overall price level and in a given time period.

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